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USD Index Holds Narrow Range, EURCHF Rises 0.70%

FOREX
  • Wednesday saw the USD index (-0.14%) trade in a very narrow range, broadly consolidating a moderate early decline. Some further initial weakness for NYCB at the cash open, prompted a brief greenback selloff (most notable for USDJPY), however, stabilisation on this front quickly sapped any downside momentum for the dollar.
  • This USDPY downtick saw the pair quickly move from the upper end of the day’s range at 148.20, to fresh session lows of 147.63, before the pair then gradually edged higher throughout the US session. USDJPY is consolidating back around the 148.20 mark as we approach the APAC crossover, with the week’s highs at 148.80 still marking the nearer technical resistance point.
  • A phase of CHF weakness followed the publication of FX reserves data for January, which ticked up to 662.4bln from 653.7bln. Revaluation factors are likely at play, however EUR/CHF (0.70%) has subsequently tested and breached the down-trending 50-day moving average, which intersected today at 0.9404.
  • The recovery off breakout lows for GBP/USD extended into a second session on Wednesday, coinciding with the very moderate slippage in the greenback. GBP/USD's two-day rally puts spot just shy of the Monday high of 1.2640 as price re-enters the early 2024 range and erases the range breakout posted earlier in the week. Nonetheless, GBPUSD bearish conditions remain intact, with the current recovery deemed technically corrective.
  • Chinese January CPI & PPI is scheduled on Thursday, before the focus for global markets turns to the latest jobless claims data from the US and further potential comments from Fed’s Barkin. In the UK, Bank of England member Mann is due to speak on inflation.
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