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USD: Dollar's CPI Strength Sticks, USD/JPY Could Rely on Equities for Next Leg

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The short-term USD move is sticking well here: the dollar is holding the entirety of the gains vs. EUR, GBP, JPY and others.

  • What may be interesting here for USD/JPY is how much further the pair could gain without strong US equities as a tailwind - the e-mini S&P is through to weekly lows, with the 6024.50 low within range of the 6,000.00 psychological handle, as well as the 100-dma of 5994.02 for the H5 future.
  • Curiously, today's immediate reaction in the e-mini S&P is almost precisely the inverse of that seen in January: a 70 point drop on today's release vs. a 70 point rally on January 15th.
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The short-term USD move is sticking well here: the dollar is holding the entirety of the gains vs. EUR, GBP, JPY and others.

  • What may be interesting here for USD/JPY is how much further the pair could gain without strong US equities as a tailwind - the e-mini S&P is through to weekly lows, with the 6024.50 low within range of the 6,000.00 psychological handle, as well as the 100-dma of 5994.02 for the H5 future.
  • Curiously, today's immediate reaction in the e-mini S&P is almost precisely the inverse of that seen in January: a 70 point drop on today's release vs. a 70 point rally on January 15th.