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USD Regains Some Lustre Through European Close

FOREX
  • The USD drift extended further in early Friday trade, pushing the likes of EUR/USD and GBP/USD back toward the week's best levels before the trade began to reverse across US hours, with the greenback undeterred by a softer MNI Chicago PMI headline as well as lower prices paid and new orders subindices.
  • GBP flipped from being one of the session's more solid performers to now being bottom of the table alongside JPY, CHF and CAD. NZD was the best performing currency in G10, benefiting from a pullback in oil prices after the recent rally and the modest steadying of risk sentiment evident in the softer greenback and steadier global equity market.
  • NZD/USD showed back above the 50-dma to touch 0.6049, but faltered on the approach to the 100-dma of 0.6082.
  • The majority of sell-side month-end FX rebalancing models all pointed to USD buying into the month-end fix, so markets clearly remained wary of underlying USD demand across US hours.
  • Focus in the coming week turns to the RBA, NBP and RBI rate decisions. The release of the September Nonfarm Payrolls report remains unclear, with the government shutdown this weekend potentially delaying the release beyond the originally scheduled October 6th.
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