Market Updates
The USD is showing signs of being able to hold onto the recent gains, which raises the question of whether or not the greenback can work even higher here. The CAD is a useful gauge, see if 1.00 can be regained (favored) for 1.01, then to 1.04 in time. For the EUR/USD the key will be working below $1.47 for $1.4460, then lower after all as upticks should be finding $1.48 offering resistance now. Cable? Lagging as the EUR/GBP cross works lower, but Cable should be dragged down towards $2.05, upticks are expected to find $2.07 offering resistance just now, but the spikes this week have seen $2.08+ pressed, choppy markets remain the risk… For EUR/GBP the bias remains on a push below 0.71 for 0.7030/00 and lower, upticks should hold 0.7160 area res. ahead of 0.7180 and the 0.72+ zone. Yen? Big question mark here as the ties to the equity market swings remains a puzzle. For choice leaning to the USD pushing towards Y112, then to 118 in time, see if 109.30/00 continues to hold on USD dips. EUR/YEN found breaking below 160 tough, but for choice 163+ should draw out sellers, still like 160/158 giving way but if USD/YEN is catching a bid, 158/165 may be the range for a while. Watch the cross high yield plays, NZD/CAD holding above 0.76 just now, pressure towards 0.80 should be building. Data? Plenty on offer today, but focused on the US PCE and personal income/spending numbers, with next weeks payrolls now looming. USD bulls? Need to see decent numbers coming through, and funny enough Fed rate cut risk seems to not be a drag on the USD just now, funny old world. Where to hide? Still like EUR/CHF upside for 1.68, see if the turn above 1.65 can build…
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