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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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  • The buy-the-dip strategy in US equity markets reigned supreme Monday, with the e-mini S&P rallying sharply off the days lows to put prices at new weekly highs ahead of the Tuesday open. The return to risk has weighed on haven currencies, pressing the JPY, USD and CHF toward the bottom of the pile, while favouring growth proxies and commodity-tied FX including NOK and AUD.
  • USD/JPY's Monday weakness put the pair to 115.05, but the recovery alongside global stock markets has prompted a rally toward 113.50. Strength through here opens the Monday highs at 115.85 ahead of 116 and above.
  • USD/NOK continues to oscillate either side of the 50-dma, with the relative strength/weakness of oil the primary driver. Weakness through 8.8134 opens losses toward 8.7857 and key support at late December's 8.7597.
  • Tier one datapoints are few and far between Tuesday, with just the US NFIB Small Business Optimism data. This keeps focus on the busier CB speaker slate, with the formal handover ceremony for Nagel to take over at the Bundesbank as well as speeches from ECB's Kazaks, Fed's Mester and George as well as the Senate hearing for Powell's renomination as head of the Federal Reserve.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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