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USD Index Trades To Three-Week High On Above-Estimate US Data

FOREX
  • A combination of a punchy non-farms payroll print and above expectation ISM services in the US have sparked renewed demand for the greenback on Friday, with the USD index climbing to three-week highs and showing no signs of retreating approaching the close.
  • Antipodeans are leading declines in G10FX amid a sharp reversal lower for crude futures. Both AUD and NZD have slipped over 2%, with Japanese Yen weakness following closely behind.
  • The impressive near-300 pip bounce for USDJPY now places the focus for bulls on clearance of 131.58 which would be a positive development and signal a short-term reversal.
  • For AUDUSD, short-term support at 0.6984, the Jan 31 low, has been broken which brings an important technical area into play around 0.6872, the low on Jan 19 and the 50-day exponential moving average.
  • Higher US yields have particularly impacted several emerging market currencies. The most notable laggard is the South African rand, however LatAm FX has also been heavily bearing the brunt of the turn in sentiment. USDMXN, after making a new four-year low on Thursday, has no bounced the best part of 2.5% with 18.50 firmly capping the peso strength in 2023.
  • No tier-one data releases on Monday, however, Tuesday will bring the RBA rate decision and later that day, Fed Chair Powell is due to participate in a moderated discussion at the Economic Club of Washington.
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