USD Rebounds, But Equities Stay Supported

Equities Gain as Fed Members Push Back Taper Talk

The dollar rebounded and traded higher against all but one of the other G10 currencies on Wednesday and during the Asian session Thursday. It gained the most versus SEK, EUR, NOK, and NZD in that order, while it gained the least ground versus AUD and CHF. The greenback underperformed only against CAD.

DAX — Technical Outlook

DAX is still trading above a short-term tentative upside support line taken from the low of December 11th. At the time of writing, the German index is hanging around the psychological 14000 mark. If it continues doing that, there is a chance to see the price pushing higher again. For now, we will remain somewhat positive.

NZD/USD — Technical Outlook

NZD/USD continues to trade above a short-term upside support line drawn from the low of December 21st. Although the current trend is still to the upside, in order to get a bit more comfortable with the upside scenario, we would like to see a push above yesterday’s high first, which is at 0.7239. Hence our cautiously-bullish approach for now.

As for Today’s Events

The calendar appears very light today, with the only data worth mentioning being the US initial jobless claims for last week, which are expected to have risen slightly, to 795k from 787k.

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