Published: 2023-12-28T14:00:06.000Z
EUR/USD, USD/JPY, USD/CHF flows: Consolidation after Claims
Director of Research , Macroeconomics and Strategy
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Early U.S. Trading has seen the USD drifting, as the jobless claims was not a game changer and focus is switching to next week’s economic data.
After the post-Christmas USD losses, it would be normal to see some consolidation, but end of year USD selling in thin conditions could still move the USD says traders. Focus on USD/JPY and USD/CHF into the New Year, though EUR/CHF is now getting to levels that could see SNB smoothing intervention to protest at CHF strength – given they have stopped FX sales at the December 14 meeting.
USD/JPY is consolidating after recent JPY gains, but the market feels a bigger bounce can be evident given the scale of JPY selloff in the last few years.