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Dollar extends drop as positioning and technical selling weigh

By Saqib Iqbal Ahmed NEW YORK (Reuters) - The dollar extended its fall against a basket of currencies on Thursday to a two-month low, a day after data that showed an expected...
Dollar extends drop as positioning and technical selling weigh © Reuters. FILE PHOTO: A picture illustration of U.S. dollar, Swiss Franc, British pound and Euro bank notes, taken in Warsaw January 26, 2011. REUTERS/Kacper Pempel/File Photo

By Saqib Iqbal Ahmed

NEW YORK (Reuters) - The dollar extended its fall against a basket of currencies on Thursday to a two-month low, a day after data that showed an expected surge in U.S. consumer prices in December fell short of offering any new impetus for the Federal Reserve's policy normalization efforts.

The U.S. Dollar Currency Index, which tracks the greenback against six major currencies, was down 0.1% at 94.866, its lowest since Nov. 10. The index, which rose 6.3% in 2021, is down about 1% for the week, on pace for its worst weekly performance in about eight months.

"Coming into the new year the dollar positioning was very much skewed to being long," said Mazen Issa, senior FX strategist at TD Securities.

"Yesterday's inflation numbers, in conjunction with (Fed Chair Jerome) Powell's testimony for his nomination hearing, were basically just in line with what markets had already positioned for," Issa said. "There wasn't anything materially new."

December's monthly U.S. inflation figures, published on Wednesday, were a fraction higher than forecast and the increase in year-on-year consumer price inflation was, as expected, 7% - its biggest jump since June 1982.

Nevertheless, traders do not see these inflation readings as urgently shifting an already hawkish Fed too much. With at least three interest rate hikes already in the market price, some investors pared bets on further dollar gains.

Powell on Tuesday gave no clear indication that the Fed was in a rush to speed up plans for tightening monetary policy, putting some downward pressure on the greenback, which has benefited in recent weeks from expectations for a rapid pace of policy normalization.

U.S. producer price inflation slowed in December as the cost of goods fell amid signs that stretched supply chains were starting to ease, hopeful signs that inflation has probably peaked.

TD Securities' Issa attributed part of the selling pressure on the greenback to technical factors, with the euro on Wednesday rising above the $1.14 level for the first time since mid-November.

"Once we got through that $1.14 level, momentum players likely flipped to sell dollars on that move," he said.

International Monetary Market speculators exited 2021 with a net long position in the dollar that was close to the largest it has been in two years.

"The scale of the dollar sell-off must surely be partially indicative of positioning," MUFG analyst Derek Halpenny wrote in a research note.

A related graphic: Bullish on the buck: https://fingfx.thomsonreuters.com/gfx/mkt/zgvomaywavd/Pasted%20image%201642087117672.png

Sterling, which has been rallying as traders reckon Britain's economy can withstand a surge in COVID-19 cases and that the Bank of England is going to hike rates again as soon as next month, rose 0.16% to $1.3727, its highest since late October.

The Australian dollar, often considered a liquid proxy for risk appetite, was 0.08% higher at $0.729, its strongest since mid-November.

The broadly weaker greenback helped lift the Canadian dollar for a third day.

Elsewhere, bitcoin was 1.78% lower at $43,152.91, struggling to shake off the selling pressure that sent it to a five-month low of $39,558.70 on Monday.

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17-01-2022 11:25:35 (UTC+7)

EUR/USD

1.1408

-0.0006 (-0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/USD

1.1408

-0.0006 (-0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

GBP/USD

1.3654

-0.0019 (-0.14%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

USD/JPY

114.58

+0.38 (+0.34%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (5)

AUD/USD

0.7212

+0.0006 (+0.08%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

USD/CAD

1.2517

-0.0036 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

EUR/JPY

130.72

+0.37 (+0.28%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/CHF

1.0424

-0.0005 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (4)

Sell (3)

Gold Futures

1,818.55

+2.05 (+0.11%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (0)

Silver Futures

23.012

+0.094 (+0.41%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (8)

Copper Futures

4.4262

+0.0057 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Crude Oil WTI Futures

83.62

+0.32 (+0.38%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Brent Oil Futures

86.37

+0.31 (+0.36%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Natural Gas Futures

4.296

+0.034 (+0.80%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Coffee C Futures

239.65

+2.65 (+1.12%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (3)

Euro Stoxx 50

4,308.25

+36.06 (+0.84%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

S&P 500

4,662.85

+3.82 (+0.08%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (2)

DAX

15,946.78

+63.54 (+0.40%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

FTSE 100

7,611.93

+68.98 (+0.91%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

Hang Seng

24,218.03

-165.29 (-0.68%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,164.20

+2.72 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

IBEX 35

8,850.28

+43.68 (+0.50%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

BASF SE NA O.N.

68.205

+0.095 (+0.14%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (6)

Bayer AG NA

52.83

+0.24 (+0.46%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (3)

Allianz SE VNA O.N.

227.10

+0.10 (+0.04%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (0)

Adidas AG

252.43

+0.08 (+0.03%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Deutsche Lufthansa AG

7.221

-0.020 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Siemens AG Class N

146.52

+0.66 (+0.45%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (3)

Deutsche Bank AG

12.018

+0.064 (+0.54%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

 EUR/USD1.1408↑ Buy
 GBP/USD1.3654↑ Buy
 USD/JPY114.58Sell
 AUD/USD0.7212↑ Buy
 USD/CAD1.2517↑ Sell
 EUR/JPY130.72↑ Buy
 EUR/CHF1.0424Neutral
 Gold1,818.55↑ Buy
 Silver23.012↑ Sell
 Copper4.4262↑ Buy
 Crude Oil WTI83.62↑ Buy
 Brent Oil86.37↑ Buy
 Natural Gas4.296↑ Buy
 US Coffee C239.65↑ Buy
 Euro Stoxx 504,308.25↑ Buy
 S&P 5004,662.85↑ Buy
 DAX15,946.78↑ Buy
 FTSE 1007,611.93↑ Buy
 Hang Seng24,218.03↑ Buy
 Small Cap 20002,164.20↑ Buy
 IBEX 358,850.28↑ Buy
 BASF68.205↑ Sell
 Bayer52.83↑ Buy
 Allianz227.10↑ Buy
 Adidas252.43Buy
 Lufthansa7.221↑ Sell
 Siemens AG146.52Neutral
 Deutsche Bank AG12.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,120/ 6,160
(0/ 0) # 1,148
SJC HCM6,110/ 6,170
(10/ 0) # 1,158
SJC Hanoi6,110/ 6,172
(10/ 0) # 1,160
SJC Danang6,110/ 6,172
(10/ 0) # 1,160
SJC Nhatrang6,110/ 6,172
(10/ 0) # 1,160
SJC Cantho6,110/ 6,172
(10/ 0) # 1,160
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Sản phẩmVùng 1Vùng 2
RON 95-IV2400024480
RON 95-II,III2390024370
E5 RON 92-II2291023360
DO 0.05S1838018740
DO 0,001S-V1873019100
Dầu hỏa1719017530
ↂ Giá dầu thô thế giới
WTI$83.57+0.280.33%
Brent$85.83+0.210.25%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.540,0022.850,00
EUR25.234,8826.649,42
GBP30.246,4531.537,99
JPY192,66203,94
KRW16,5020,10
Cập nhật lúc 18:52:49 17/01/2022
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