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USD Index Remains Firm, GBP & NZD Extending Losses

FOREX
  • As the recent greenback strength extends, notable moves in the NZD and GBP gaining momentum in recent trade.
  • The Kiwi is largely playing catch up to the dollar move after relatively outperforming on Thursday. Weaker trade figures have also weighed on the local currency, which has seen AUDNZD rally back above 1.11, closing in on the August highs.
  • The UK’s higher than expected retail sales data has done little to cast aside the UK's bleak growth prospects. The break of 1.2000 in cable has seen significant follow through, while underpinning the EURGBP bid.
  • GBPUSD trading in close proximity of 1.1800 and technical focus is on the cycle lows from July at 1.1760, which is also the bear trigger. Below here we have 1.1673, the 1.00 projection of the May 27 - Jun 14 - 16 price swing.
  • A very light data docket on Monday will place focus on Tuesday’s release of European Flash PMIs.
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