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Trend Needle Still Points South

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FOREX
  • Currency markets are in consolidation mode early Friday, with the greenback holding its ground and pausing the recent downtrend. Nonetheless EUR/USD gains overnight managed to put the pair at a new cycle high of 1.1483, again narrowing the gap with the next key level at the 100-dma of 1.1507.
  • The pause in the USD downtrend follows the resolutely negative close on Wall Street yesterday, with the tech-led NASDAQ closing lower by just over 2.5% on the day. As a result, JPY has seen some support so far today, while recent outperformers including the AUD and NZD are at the bottom of the pile.
  • USD/CNH made another attempt on recent cycle lows early Friday, dropping to touch 6.3425 before bouncing on reports that China's SAFE regulator had tightened restrictions on 'underground banks' and their interactions with the forex market.
  • December retail sales numbers take focus in the US session, with markets expecting sales to have dropped 0.1% across the month, with the prelim Uni of Michigan confidence release following shortly afterward. Central bank speakers of note include ECB's Lagarde and Fed's Williams.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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