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AUD/JPY Extends Losing Streak to Five Sessions

FOREX
  • The softer USD backdrop is persisting into a fourth session, with the USD Index edging to the lowest levels since mid-may. The pullback after nonfarm payrolls has extended, compounded by the softer Manheim user car report released on Monday. The USD Index touched 101.676 at the low, narrowing the gap with the next major support of 101.027.
  • USD/JPY typifies the soft USD theme, with the pair lower for a fourth consecutive session and narrowing in on 50-dma support of 139.92 - last crossed in early May. The level could come in particular focus tomorrow if the US CPI report misses forecast and prompts a broader pullback in Fed pricing.
  • AUD, NZD are among the poorest performers in G10, with AUD/JPY a stand out cross at these levels: AUD/JPY is now on a five session losing streak, with the 50-dma the next level to watch at 93.439.
  • Perhaps surprisingly, GBP is mid-table despite another stronger-than-expected wage growth release. The data did little to stir a further GBP rally, as markets pointed to other elements of the report that signaled a looser labour market.
  • Scheduled datapoints and risk events due later today are few and far between, with no tier one releases set for Tuesday. The central bank speaker slate is similarly light.
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