EUROPEAN FX UPDATE: Horizontal trade amid quiet newsflow

USD: DXY +0.1%;

• DXY traded uneventfully in holiday-thinned conditions, remaining within a narrow 108.05-20 range after Monday's broader 107.68-108.28 parameters.

EUR: EUR/USD -0.1%; 1.0394

• EUR/USD hovering flat on either side of 1.0400, staying within Monday's 1.0382-1.0445 range. Some potential resistance was noted around 1.0445-47, corresponding to Monday and Friday's highs.

JPY: USD/JPY -0.1%; 157.08

• initially rose as APAC traders reacted to rising US bond yields. However, the pair later pulled back and dipped under 157.00, with Japanese Finance Minister Kato jawboning the currency overnight.


• USD/JPY opex: 155.00 (347M), 155.50 (222M), 156.50 (203M), 157.00 (1.3BLN)

GBP: GBP/USD U/C 1.2531

• GBP/USD is trading sideways in a tight 1.2526-45 range, showing little momentum after reaching a broader 1.2526-1.2575 range earlier in the week.

Antipodeans: AUD/USD -0.1%; 0.6240. NZD/USD -0.1%; 0.5644

• Antipodeans are subdued, with the Aussie unresponsive to RBA minutes. The minutes expressed confidence in inflation but cautioned that stronger-than-expected data could prolong the period before easing. AUD/USD and NZD/USD are tucked within yesterday's respective 0.6218-46 and 0.5632-66 ranges.

24 Dec 2024 - 09:25- ForexResearch Sheet- Source: Newsquawk