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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.
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