UUP - The Greenback Is In Narrow Ranges To Start The Week

2024-02-12 07:50:00 ET

Summary

• The dollar is in narrow ranges against the G10 currencies. The Swedish krona, Norwegian krone, and Japanese yen are posting minor gains against the greenback.
• The New Zealand dollar, which was strongest major currency last week (1.4%), is off by almost 0.5%, making it the weakest today.
• Emerging market currencies are narrowly mixed (+/-0.2%).
• The few equity markets in the Asia-Pacific region that were not on holiday today, including Australia, India, and New Zealand, slipped.
• Europe's STOXX 600 is trying to snap a three-day fall (less than 0.4%).  US index futures are trading firmly after new record highs before the weekend.

Overview

The foreign exchange market is quiet. The Lunar New Year holiday shut most Asian markets. That, coupled with the light news in Europe, has served to keep the dollar ( DXY , USDOLLAR ) in narrow ranges against the G10 currencies. The Swedish krona, Norwegian krone, and Japanese yen are posting minor gains against the greenback. The New Zealand dollar, which was strongest major currency last week (1.4%), is off by almost 0.5%, making it the weakest today. RBNZ Governor Orr underscored the recent message that inflation is still too high (~4.7%). Emerging market currencies are narrowly mixed (+/-0.2%). Of note, India reports December industrial production and January CPI tomorrow....

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