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AUD/JPY Approaching Long-Held Support

FOREX
  • Risk-off is pervading through currency markets given the persistent weakness in global stocks since yesterday's US CPI print. AUD is among the weakest in G10, extending the sell-off from the Monday high of $0.7891 to briefly show below the $0.77 mark today. This opens declines toward the May 4 low of $0.7675, which would trigger further bearish signals.
  • The main beneficiaries Thursday have been the JPY and USD, which sit firmer against most others in DMFX. AUD/JPY is on track to have declined in every session so far this week, and is narrowing the gap with key support at the 84.09 50-dma, a level that's largely held for months.
  • Recent weakness in EUR/USD has put the pair at new weekly lows, opening 1.1986 as next key downside level.
  • Focus turns to US PPI data due later today, with markets cognizant of the risk of a sizeable upside surprise after the eventful CPI reading out yesterday. Consensus looks for a modest slowdown in PPI later today, to +0.3% for the headline M/M and to +0.4% for ex-food and energy figures.
  • Weekly US jobless claims data also cross, as well as speeches from BoE's Cunliffe & Bailey, Fed's Barkin, Waller & Bullard, BoC's Macklem and the Banxico rate decision.
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