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USD More Stable, But Close to Last Week's Lows

FOREX
  • The USD Index is very modestly higher headed through into US hours, but is holding the majority of the post-BoJ losses. USD strength is most strongly noted against the NZD, with NZD/USD off 0.85% for the day and below 0.6300. This marks slippage through uptrend channel support and the 20-day EMA (0.6311).
  • NZ survey data has been quite poor this week, with ANZ's consumer sentiment index falling sharply in December. The trade position also remained comfortably in deficit. The currency is receiving little relief from firmer commodities prices, with oil and gold both seen stronger on the day. While NZD is weaker, NOK is gaining alongside the oil price rally.
  • JPY trades firmer for a second session, but USD/JPY holds above yesterday's lows at 130.58, which mark the first major support for now. Any break below here opens 130.41, the Aug 2 low and a key support.
  • GBP trades poorer. While EUR/GBP is off the day's highs, overnight trade has come within range of first resistance layered between 0.8771-72.
  • Canadian CPI and US existing home sales make up the data highlights, with consumer confidence also on the docket. There are no central bank speakers of note.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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