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USD Index Consolidating Near 6-Week Highs

FOREX
  • The USD index (+0.77%) has traded above the 1.04 mark for the first time since January 06 and has been consolidating towards session highs approaching the end of the European session. Upward pressure on US yields continues to underpin the strength in the greenback on Wednesday.
  • AUD and GBP continue to be the day’s worst performing majors, both declining just shy of 1.5%. AUD trades heavily on the back of local equity weakness and softer stock markets in China and Hong Kong.
  • GBPUSD has stabilised back above the 1.20 mark for now, however, today’s weakness is a result of CPI falling short of forecast across both headline and core measures.
  • Cable maintains a sell-on-rallies theme and recent weakness reinforces a S/T bearish theme and signals scope for a continuation. Sights are on the 200-dma at 1.1947. A move through this level would expose key support at 1.1842, the Jan 6 low.
  • After topping the key short-term level marking the 50-day EMA on Tuesday, USDJPY’s break above 132.77 suggests scope for an extension higher that would expose 134.77, the Jan 6 high.
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