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USD firmer against most of its major counterparts except the AUD, NZD and GBP as markets await news out of Athens for details on the debt negotiations. European stock markets are slightly lower and U.S. equity futures are pointing to a decline at the open. The Dollar Index is higher on the session but faces the daily Kijun line around 80.50 as near term resistance. U.S. 10-year yields are currently testing the 2.00% level and are up nearly 3bps. The only economic data of note today are December existing home sales due out at 1000ET and expected to gain 5.2% to 4.65M.
EUR stalled ahead of 1.30 against the dollar as investors eye Athens for a resolution to the Greek debt talks. IIF’s Dallara said that it is possible the group may have something to announce on the discussions later tonight. On the data front, Germany’s producer prices came out lower than expected in December at -0.4% m/m (cons. +0.1%) and 4.0% y/y (cons. 4.6%) and Italian industrial orders grew +0.1% m/m in Nov. The EUR was lower against all of the G10 currencies except the SEK. EUR/JPY was rejected above the 100 big figure and is currently trading around 99.65 while EUR/USD fell short of testing the 1.30 figure and has declined to just above 1.29 at time of writing. The pair sees the 21-day SMA currently around 1.2870/75 which may serve as support moving forward.
CAD mostly weaker as Dec. CPI figures come in softer than expected. The headline reading came in at -0.6% m/m from the prior +0.1% (cons. -0.2%) and 2.3% y/y from the prior 2.9% (cons. 2.7%). November wholesale sales also disappointed with a surprising decline of -0.4% (cons. +0.5%). USD/CAD rallied to around 1.0160/65 before finding resistance ahead of the 200-hour SMA and correcting to current levels of around 1.0135/40. CAD/JPY declined to around 76.00 currently and sees a cluster of daily SMA’s come in around the 75.65/75 level.
AUD broadly firmer as the HSBC flash Chinese PMI ticked higher to 48.8 from the prior 48.7 showing signs of stabilization. Economic data out of Australia showed that 4Q export prices fell by less than expected with a drop of -1.5% q/q (cons. -2.0%) while import prices rose by more than anticipated at +2.5% q/q (cons. +0.6%). AUD/USD rose to new highs for 2012 touching above the 1.0450 level. EUR/AUD reversed its recent rally with the pair falling towards the daily Tenkan line which currently comes in around the 1.2350/55 zone.
GBP higher across the board after retail sales figures for December grew +0.6% m/m (prior -0.8%) and +1.7% y/y (prior 0.0). BoE’s Broadbent spoke and said that downside risks ‘lessened slightly’ in the past 6 months. The pound was higher against all of the G10 currencies except against AUD with the largest gains coming against the SEK and EUR. GBP/USD broke above the 1.55 figure to current levels of around 1.5520 and EUR/GBP dipped towards the 0.83 figure making session lows around 0.8315/20.
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