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Forex Major Currencies Outlook (Feb 12, 2018)

USD

The US dollar held its ground on Friday despite the lack of top-tier data.

However, the spending bill just recently signed prevented another shutdown from taking place, leading to a bit of reprieve for bulls. Only the federal budget balance is due today, so market sentiment could play a stronger role in pushing the currency around.

EUR

The euro gave up some ground on Friday despite seeing stronger than expected figures. French industrial production rose 0.5% versus the estimated 0.1% uptick while Italian industrial production was up 1.6% versus the 0.7% consensus. There are no major reports due from the euro zone today.

GBP

The pound struggled to hold on to its gains despite the hawkish BOE Super Thursday earlier last week. Weaker than expected industrial production data was blamed for the drop, as the reading showed a 1.6% fall versus the estimated 0.9% drop. Manufacturing production came in line with estimates of a 0.3% uptick while the goods trade balance printed a wider than expected deficit. MPC members Vlieghe and McCafferty have speeches today.

CHF

The franc gave up some gains on Friday due to profit-taking and a slight improvement in risk appetite. The Swiss jobless rate was unchanged at 3.0% as expected. Swiss CPI is due today and a 0.1% dip in price levels is eyed after the earlier flat reading. A larger than expected fall could put the blame on franc strength, which might then revive intervention fears.

JPY

The yen also returned some gains as traders booked profits at the end of the week. Yen pairs gapped higher as risk appetite was off to a strong start this week. Japanese banks are closed for the holiday, so yen pairs could be more sensitive to currency-specific flows.

Commodity Currencies (AUD, NZD, CAD)

The comdolls made a bit of a bounce as risk appetite returned on Friday. Canada's jobs figures were in the red as the employment change showed an 88K decline while the unemployment rate rose from 5.7% to 5.9% versus the 5.9% consensus. Components of the report revealed that the drop was mostly due to a large reduction in part-time hiring while full-time employment was actually 49K higher. There are no reports due from the comdoll economies today.

By Kate Curtis from Trader's Way

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