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Equity Bounce Extends, Pressuring JPY to Weekly Low

FOREX
  • Equity markets across Asia rallied well, feeding through into a uniformly positive session so far for European stocks. The evident risk appetite has also filtered into currency markets, with the JPY among the session's poorest performers and printing fresh weekly lows. USD/JPY's rally has put the pair through yesterday's 113.55, opening 113.96 as the near-term target. Monday's close above the 50-dma has lent further support.
  • At the other end of the table, AUD is stronger, putting AUD/USD briefly back above the $0.71 handle following the RBA rate decision, in which the bank appeared confident that the new omicron variant would fall short of impacting the economy in the same manner as prior strains.
  • EUR/USD has been sold off the overnight highs of 1.1298 as the pair re-initiates an inverse correlation with continental equity markets. The puts the pair in close proximity to first support of 1.1236 - the Nov30 low.
  • Data releases are few and far between Tuesday, with US/Canadian trade balance numbers the sole highlight. Similarly, the speakers slate is quieter with the Fed having entered their media blackout period at the end of last week.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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