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USD Index Set To Post 0.5% Advance, US ISM Services PMI Data Awaits

FOREX
  • Despite some moderate greenback selling following Fed’s Bostic comments and a pop higher for equities, the USD index is holding onto half a percent gains as we approach the APAC crossover.
  • EUR, GBP, AUD and NZD are all showing declines of around 0.75% with most majors reversing the moves seen on Wednesday. This leaves the DXY broadly unchanged on the week and places the near-term focus on Friday’s ISM Services PMI in dictating the greenback’s momentum into the Friday’s close.
  • Having previously breached resistance, EURUSD has traded back below the 50-day EMA, at 1.0659. The short-term focus on the downside would be a break of 1.0533, Monday’s low, which would resume the bear cycle and initially open 1.0484, Jan 6 low and key support.
  • Outperforming on Thursday is the Canadian Dollar, less affected by the renewed greenback strength. USDCAD is consolidating, however, bulls remain in the driver’s seat for now and sights are on the key short-term resistance at 1.3705, the Dec 16 high. A clear break of this hurdle would strengthen bullish conditions and clear the way for a test and break of the 1.3800 handle.
  • USDJPY bulls remain in the driver’s seat and the pair is holding on to the majority of Thursday’s gains. Price has pierced and traded above 136.67, the 38.2% retracement of the downleg between Oct 21 and Jan 16. A clear break of this hurdle would set the scene for a climb towards 138.17, the Dec 15 high.
  • Chinese Caixin Services PMI kicks off the overnight docket on Friday before German trade balance data and Eurozone PPI highlight the European session.
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