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Early JPY Gains Reverse While Equities Back to Flat Pre-NY

FOREX
  • Most major pairs are fading off the session high, with GBP/USD's pullback outpacing that of the EUR. Overnight lows at 1.2283 should provide weak support, but seen stronger headed into 1.2179 - marking both the Mar 23 and 21 low. The modest recovery for the USD index mimicks the move in equity markets, with the e-mini S&P fading off the overnight highs to trades broadly flat headed through the NY crossover.
  • CHF is the poorest performer in G10, helping EUR/CHF continue the recent oscillation either side of the 0.9924 50-dma. CAD also trades poorly, with USD/CAD inching higher to partially reverse the oil price-based outperformance noted on Monday.
  • US March consumer confidence data takes focus, which is expected to ebb to 101.00 from 102.9 previously, while Fed's Barr appears before the Senate Banking Panel. A number of ECB speakers are due, with Makhlouf and de Cos on the docket - although their topic of conversation is cryptocurrencies.
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