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USD Index Extends Two-Day Decline To 3.2%

FOREX
  • Despite several comments from both Fed members and treasury Secretary Yellen highlighting that it is too early to declare victory over inflation, the greenback continues to slide following the lower US CPI figures on Thursday.
  • Furthermore, overnight news of China’s freshly optimised COVID restrictions (which include a rollback of the country’s international travel restrictions and reduced quarantine time for international travellers) has resulted in a fresh round of risk-positive flows as we approach the end of the trading week.
  • The extension of USD weakness has been broad based, with EUR, JPY, AUD and NZD all rising over 1% and extending the impressive rallies from Thursday. EURUSD looks set to retest the significant resistance zone between 10350-68, with the latter level representing the Aug 10, high.
  • USDJPY also maintained high levels of volatility, briefly printing 138.78 during the European session, an impressive 769 pips below yesterday’s opening price. Price action stabilised somewhat during the US (Veteran’s Day Holiday) session but remains within 50 pips of the lows approaching the close.
  • The Swiss Franc (+1.82%) is among the strongest performers in G10, receiving an additional tailwind from forceful SNB rhetoric, confirming the bank will use "all measures necessary" which could include currency intervention. USDCHF is rapidly approaching key resistance at 0.9371, the August lows.
  • A much quieter week for data next week, with UK and Canadian CPI the highlights on Wednesday.
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