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USD Index Sits Just Below Resistance Ahead of Friday Fedspeak

FOREX
  • Focus for Asia-Pac trade was on Ueda's appearance in front of Japan's Lower House lawmakers, who signaled a continuity for BoJ policy should he receive full backing to take over Kuroda at the helm of the central bank. Nonetheless, markets eyed Ueda's apparent acknowledgement of the side effects of ultra-easy monetary policy, suggesting more uncertainty over BoJ policy across the medium-term. JPY is among the poorest performers in G10 early Friday, although USD/JPY remains shy of the Thursday high at 143.51.
  • AUD maintains its position as one of the poorest performing currencies in G10 this week, slipping alongside global equities as the e-mini S&P technical outlook tilts bearish. The move, initially triggered by Wednesday's Wage Price Index, has extended Friday, puting AUD/USD at the lowest levels since early January and further through the 200-dma at 0.6801.
  • The USD Index is inching higher ahead of the NY crossover, and a move north of 104.779 for the USD Index would mark the highest level since early January. Fedspeak and incoming data could be key for any break of this level.
  • US PCE data for January will take focus going forward, with new home sales also on the docket. The final reading for University of Michigan sentiment is set to cross, but markets see little change relative to the prelim release.
  • The central bank speaker slate is relatively busy, with appearances from Fed's Jefferson, Mester, Bullard and Collins all due as well as BoE's Tenreyro.
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