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Key Mkt Levels Ahead FOMC

AUSSIE-YEN: AUD/JPY ticked lower on the initial risk-off impetus, only to
rebound alongside U.S. equity index futures, and now sits +15 pips at Y70.56.
The rate is trying to establish itself above its 100-DMA at Y70.53, yesterday
tested for the first time since Feb. Further gains past Mar 3 high of Y71.52
would draw bullish attention to the 200-DMA at Y72.15. On the flip side, bears
look for a fall below a former resistance zone at Y70.16-19, before targeting
May 14 trough located at Y68.55.
- Early focus was on a STAT report released in NY hours, which noted that
Moderna released very little details about its recent study of an experimental
Covid-19 vaccine, and "most of what it did disclose were words, not data".
Little in the way of fresh news catalysts to improve broader sentiment so far,
but earlier caution has already faded.
- Australia reports skilled vacancies & ABS preliminary retail sales later
today, with Japan's core machine orders also due.
MNI London Bureau | +44 203-865-3806 |