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USD remains in the red in early trade

FOREX
  • The USD trades in the red in G10s, besides the Yen, which trades circa flat against the Dollar.
  • USD moved to session low against CNY, CNH, SGD, CHF, MYR, INR, NOK.
  • And saw some continuation going through against the EUR, GBP, SEK, CAD, CNY, HKD, MYR, ILS, AUD, NZD, CNH.
  • Initial move happened at 08.30GMT, as Equities pushed to session high, but have since faded of their highs, providing a respite for the USD.
  • Notable moves were in Asia FX, with CNY and CNH extending gains vs the Greenback.
  • CNY is now up 1.02% and CNH 0.84% against the USD, initially a function of the USD weakness, but the currencies are extending on the latest China Covid test headline "Beijing to allow some residents to skip mass Covid test".
  • USDCNH and USDCNY are at their lowest level since 16th Nov.
  • USDCNY sees small support at 7.0700.
  • The EU CPI came below expectations, but still at the 10% mark.
  • While French and Italian CPIs came above expectations.
  • Look for potential Month End flow, with some desk favouring USD weakness into it.
  • Looking ahead, US ADP, Wholesale Inventories, JOLTS are the notable releases. US GDP and Core PCE are second readings.
  • Speakers include Fed Bowman, Cook, but more eyes on Fed Powell.
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