Free Trial

USD Off Overnight Highs

FOREX
  • The USD is ebbing off the overnight highs, with the USD Index back below the 50-dma. Greenback weakness has helped EUR/USD recover off the overnight lows of 1.1799, with the Tuesday high at 1.1846 now within range. Markets need to close above here to confirm a reversal, after which focus will turn to key resistance at the 1.1909 level.
  • Persistent oil strength continues to work in favour of the NOK, which outperforms all others in G10. This puts USD/NOK on track to take the Tuesday low at 8.5739 ahead of the 200-dma at 8.5550.
  • Canadian CPI due Wednesday is expected to creep higher, mimicking the US release yesterday with median core CPI seen inching up to 2.7% Y/Y - matching levels last seen in 2008. USD/CAD remains in a short-term uptrend, with 50-dma support at 1.2590 providing some support.
  • US Empire manufacturing, import/export price indices and industrial production data also cross. ECB's Schnabel and Lane are both due to speak.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.