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USD pares some gains

FOREX

The dollar has given back some of its overnight and early European trading gains.

  • The dollar was mostly in the green against most G10s, but now down 0.1% against the Kiwi and up 0.14% versus the CAD.
  • CAD has been the early worst performer against the USD in G10, but all things considered, it's been a limited move, after the CAD gained 2.86% since Friday, in line with the $6 rally in WTI from Friday to yesterday.
  • Initial support at 1.2579 Low Aug 24, has held, printed a 1.2588 low.
  • AUDUSD has paused its 2.31% rally since Friday, as Covid spread shows no signs of slowing down, with new daily record for New South Wales.
  • AUDUSD is now flat in the early session.
  • EUR trades on the back foot against the Scandis this morning, and we pointed out the EURNOK support at 10.3509, as the initial level to watch.
  • Market participants faded the move at that level, printing a 10.3498 low, and now at 10.3764 at the time of typing.
  • Looking ahead, US prelim Durable Goods Orders is the notable data release.
  • Fed Mary Daly (takes part in a panel discussion on "Fintech, Racial Equity, and an Inclusive Financial System)
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