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USD Edges Lower Still Ahead of Critical Week

FOREX
  • EUR/USD has extended the recovery off the Friday lows ahead of the NY crossover, hitting European morning highs at the 1.07 handle. The USD is among the poorest performers in G10 ahead of a critical week, with both the US CPI release as well as the beginning of the US earnings season to come.
  • JPY is the sole currency falling against the USD so far, with USD/JPY bouncing off overnight lows to erase a small part of the Friday decline. Tech levels of note remain somewhat unchanged, with 133.73 marking the 20-day EMA. Resistance seen stiffer headed into 134.77/81, the High Jan 6 / 23.6% Oct - Jan Downleg.
  • At the other end of the table, AUD and NZD are outperforming, gaining a tailwind from a more solid session for Chinese equities. AUD/USD has now traded close to 4% above last week's lows, keeping momentum tilted in favour of the bulls for now. Prices now hold within range of the $0.69 handle, which marks a sizeable expiry for Wednesday's NY cut, with A$1.6bln notional set to roll off.
  • Datapoints are few and far between Monday, keeping focus on the central bank slate. BoE's Pill and Fed's Bostic & Daly are all scheduled.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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