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FX analysis – USD , EUR, AUD, JPY

31 January 2024 By Lachlan Meakin

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USD was flat on Tuesday with the US dollar index (DXY) trading either side of the 200-day SMA and 50% Fib level at 103.50. FX traders turning their attention to the pivotal FOMC rate decision on Wednesday followed by the non-farm employment report on Friday. A better than expected JOLTS job opening report lending some support early in the session to the USD.

EURUSD rebounded from lows of 1.0796 after Spanish CPI printed hotter than expected and no misses on various EZ GDP figures.  EUR traders attention will now turn to the German and French CPI figures due today after the hot Spanish print.

USDJPY was flat for the session, still holding below the psychological 148 level ahead of the rest of the weeks risk events. The gap between US and JP 10-year yields and price growing which should put some downward pressure on this pair.

AUD underperformed on disappointing retail sales figures ahead of today’s CPI print. AUDUSD did find support at its 200-day moving average at 0.6575 where it has revolved around for the last few sessions. Look for this level to establish strong support should we get a hot Aussie CPI today.

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