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USD Within Range of Multi-Month Lows

FOREX
  • The greenback sits lower ahead of the Thursday US open, with the USD Index through to new weekly lows to narrow the gap with 103.448, a key support. A break south of here opens the lowest levels for the USD since June.
  • Macro drivers and newsflow has been expectedly muted so far Thursday, with ECB's de Guindos repeating the well worn line that ECB hikes are likely to be maintained at 50bps steps for the near future. GBP has carried through a part of the Wednesday weakness, boosting EUR/GBP north of Gbp0.88 for the first time since mid-November.
  • Stronger oil markets are aiding commodity-tied currencies, with NOK the strongest performer in G10 at pixel time. This keeps USD/NOK within range of the mid-December multi-month lows at 9.6982. Weakness through here would be a bearish break and extend losses below the 9.8123 200-dma.
  • Data and macro releases later today provide the last look at the US economy for 2022, with Tertiary Q3 US GDP due as well as weekly jobless claims.
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