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Equities Bounce Boosts Cross/JPY, EURNOK To Fresh Yearly Lows

FOREX
  • A more buoyant session for equity markets/risk kept the Japanese Yen under pressure with USDJPY rising the best part of half a percent and slightly larger moves higher in the likes of AUDJPY and CADJPY.
  • USDJPY confirmed the resumption of the bull cycle last week that started Jan 6, opening the potential for 112.23 next, Feb 20, 2020 high.
  • Further moves higher in crude futures kept supporting the NOK, with EURNOK breaking to the lowest levels since January 2020. A break of the yearly lows through 9.90 may attract attention with the 2020 lows around 9.81 next on the support list.
  • Broad dollar indices maintained very narrow ranges on Tuesday with EURUSD content trading blows either side of the 1.1600 mark. Markets had little reaction to an upside surprise in US ISM services print and may remain treading water as the focus turns to the September NFP report, due on Friday.
  • Overnight we have the RBNZ rate decision and statement where the central bank are widely expected to raise the key rate by 25 bps. Elsewhere, German Factory orders and US ADP will be released on Wednesday.
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