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FOREX
FOREX: Equities hit a new high as USD/JPY nears breakout level
- Global equity markets were buoyed by a fresh wave of risk appetite across the
Monday session, with the S&P500 touching another record level just ahead of the
beginning of earnings season. This was well reflected in currency markets as the
JPY slipped and AUD, NZD gained. USD/JPY has now rallied over 2% over the past
four sessions and is on track to break above the Y110 mark for the first time
since May last year. Markets gain in anticipation of a major soothing of trade
tensions at this Wednesday's phase one US/China trade deal signing.
- GBP went from weak to weaker Monday, coming under pressure from MPC member
Vlieghe's dovish interview in the FT this weekend and further sellers came out
of the woodwork on poor GDP, manufacturing & industrial production data. GBP/USD
fell through 50-dma support and is now narrowing in on the mid-December lows of
$1.2905.
- US inflation data is the highlight of the Tuesday session, with CPI Y/Y seen
inching higher. Fed members Williams & George are due to speak as well as ECB's
Mersch, Villeroy and de Cos.