No reprieve for the US dollar in final day of European trading for 2017

Author: Justin Low | Category: News

USD still the weakest currency on the day, and by quite a margin as major currencies extend gains against the greenback

The kiwi is the leader of the pact as European trading approaches mid-day. NZD/USD broke above key resistance levels as I pointed out here, and the NZD is riding high on the back of further AUD/NZD selling.

Meanwhile, cable posted a 3-week high earlier in the session above 1.3500 as the pair is up by almost 60 pips on the day - making it the largest gainer in terms of pips among dollar pairs. EUR/USD is still trading near session highs at 1.1983, while USD/JPY is at session lows of 112.51 as US 10-year yields slip 1 bps to 2.42%.

USD/CAD continues to extend losses to the downside, now at session lows of 1.2530. And AUD/USD is trading near session highs, now at 0.7820. USD/CHF is also near session lows of 0.9752 now.

There wasn't much news on the day apart from German regional CPI data for December. The overall preliminary German CPI is due at 1300 GMT. But so far, nothing really to detract markets from the main theme for the year-end - and that's USD weakness.

Here are how the major currencies performed this year against the dollar as we head into the final few hours of 2017 trading:

The EUR looks set to end the year as the biggest winner on the back of ECB deciding on tapering its QE programme as well as improved Eurozone economic data. And despite Brexit woes, the British pound looks set to come in second as the Bank of England also moved to tighten policy in November.

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