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Stocks Inch Higher, But Gains Inconsistent

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  • The greenback faded further Thursday, prompting the USD index to retreat further below the 200-dma and narrow in on next support at 91.50. The move was mirrored in EUR/USD, which climbed to the best levels of the month and extended the recovery from last week's lows to close to 2%. 1.1975 is the next level of interest, despite some sell-side analysts now citing the EUR strength as over-done in the near-term.
  • Initial weekly jobless claims came and went with little focus, despite the numbers coming in above expectations. Some WMR fix related demand for the greenback was also well absorbed, keeping focus on Fedspeak and the continued strength in the US vaccine programme relative to the UK & EU rollout.
  • USD and NOK were the session's poorest performers, while SEK and CHF traded well.
  • Focus Friday turns to Chinese inflation data, with both PPI and CPI numbers expected to shoot higher. German & French industrial production data is also due in Europe, followed by US PPI and the Canadian jobs report. ECB's de Guindos and Fed's Kaplan are the only central bank speakers of note.