Free Trial

USD trends in the red in early Europe

FOREX
  • A steady start for FX during the morning European session.
  • USD is overall offered and a touch in the red against most G10s.
  • The Greenback is holding onto small gains versus the NOK and NZD.
  • Most pairs trade with this week's ranges, EUR and GBP were underpinned earlier, a function of the USD, and Omicron outlook for Europe and the UK, with countries starting to fully re-open, is keeping the EUR and the Pound underpinned.
  • Nonetheless, EUR still trades in a 28 pip range and has lost some of the upside momentum, after a Dovish comments from ECB Lagarde during a French radio interview, pouring cold water on a 2022 hike.
  • AUD is the best early performer versus the USD in G10, albeit just up 0.37%, after pairing overnight gains.
  • AUD tested another session high against the Yen.
  • Resistance in the latter is seen at this week's high at 82.963.
  • Looking ahead, we have no tier 1 data left for the session.
  • Worth an option expiry note, with EURUSD seeing 5.84bn between 1.1300/1.1400 for today.

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.