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USD Gives Up Early Gains, JPY Sinks To Lowest Since Early Dec

FOREX

The greenback traded well for the first half of the Thursday session, before a short, sharp spell of risk-on worked against the USD, spurring the USD index to sink into negative territory ahead of the close. The USD sales spurred EUR/USD briefly back above 1.2140, despite further stressing from the ECB that a rate cut is not off the table if the circumstances change.

JPY was comfortably the poorest performer Thursday, with USD/JPY cracking through major resistance at the bear channel top of 104.40 (drawn from the March 2020 high). This confirms a resumption of the uptrend that started at the beginning of January and opens levels not seen since November.

Focus Friday turns to French, German and Canadian GDP releases and US personal income/spending figures for December. The first Fed speakers since Wednesday's FOMC decision are due, with Kaplan and Daly both on the docket.

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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