Greenback Stages Partial Recovery Ahead Of Month-End
Last updated at:Sep-19 21:33By: Jack Lewis
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- After retreating for four consecutive trading days the US dollar bucked the short-term trend and regained some poise on Friday.
- The dollar index firmed 0.3% ahead of the month-end WMR fix, with reported signals from sell-side institutions mixed ahead of the event. Despite the minor recovery, the index is set to post a 1% weekly drop.
- With stocks rolling off their highs, AUDUSD and NZDUSD came under pressure, the former losing roughly 0.65%.
- EURUSD breached the 1.19 handle but stopped just shy of touted short-term key resistance at the 50-day EMA at 1.1916. Broad dollar strength brought he single currency back to lows of 1.1852, traded just before 4pm London.
- The most notable turnaround in G10 was the Norwegian Krona where EURNOK reversed the majority of the last two days losses to post a positive week. USDNOK rose 1.15%.
- Final European Manufacturing PMI readings on Monday before US ISM Manufacturing PMI headlines the docket. Canada will be out for Civic Holiday.
- The main focus for markets next week will be Friday's release of US Non-Farm Payrolls. Other notable events include the RBA and BOE meetings as well as NZ and CAD unemployment.