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Currencies Receive Jolt of Risk-On as European Equities Start Strong

FOREX
  • Markets have received a jolt of risk appetite early Thursday, helping pressure haven currencies and keep the USD and JPY on the backfoot. The softer USD coincided with a positive open for European equity markets, allowing EUR/USD to post a bullish break of the consolidative pennant formation in the pair across the first few weeks of August.
  • JPY weakness extended through overnight Asia-Pac trade, prompting USD/JPY to print above Y144.00 for the first time since early July. This further narrows the gap in the pair with the key bull trigger at Y145.07.
  • Front-end vols are seeing further support ahead of the US CPI print later today, with overnight implied topping 14 points for the first time since the July and June FOMC decisions.
  • The single currency and CHF are the firmest across G10, while JPY, USD and CAD are among the poorest performers.
  • The July CPI print takes focus Thursday, with markets expecting core Y/Y to slow to 4.7%, however the headline to pick up to 3.3% from 3.0%.
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