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Bounce in Equities Tips USD/JPY to New Cycle High

FOREX
  • After a more muted start to the day's trade, activity and price action picked up through the NY crossover, with a solid start for US equity markets helping tip USD/JPY to a new cycle high at 146.68. European markets and US futures got off to to a strong start, with US traders following on with strong buying evident from the off via a multi-week high reading for the NYSE Tick index at the open.
  • The modest risk-on backdrop pressured JPY to the bottom of the G10 pile, while SEK recovered alongside comments from Riksbank's Floden, who talked up the prospect of the Riksbank holding rates at high levels for an extended period, and stressed his conviction that the SEK would strengthen over time. SEK's outperformance ran counter to a poorer NOK, tipping NOK/SEK away from an early multi-week high of 1.0378.
  • Data releases pick up on Tuesday, with the release of JOLTS job openings data as well as the August consumer confidence figure. Markets expecting consumer confidence to fade by 1 point to 116.00. RBA's Bullock is set to speak as well as Fed's Barr, while the Bank of Finland hold a press conference on monetary policy.
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