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EURJPY Partially Recovers After Early Onslaught

FOREX
  • EURJPY came under severe pressure on Wednesday as German yields across most of the curve dropped the most on record as concerns over Credit Suisse spurred further bank-related risk aversion.
  • Despite rising overnight to highs of 144.96, financial stability concerns centering around Credit Suisse prompted aggressive JPY strength throughout the European session and crossing over to early US trade. EURJPY briefly traded down over 3% on the session to reach lows of 139.48.
  • There was a late reprieve for the struggling pair as Swiss authorities announced they would provide Credit Suisse with liquidity if it was deemed necessary. While not quite the reassurance the market was looking for, equity markets were well supported on the news prompting EURJPY to quickly spike and claw back around 175 pips from the lows.
  • The USD index remains up 1.08% approaching the APAC crossover as the overall flight to quality prevailed on Wednesday. Led by EURUSD, the pair sits 180 pips off the overnight highs to trade at 1.0580 ahead of tomorrow’s ECB decision.
  • The likes of AUD, NZD and GBP have all declined between 0.7-0.9% amid the market turmoil, but remain relatively less impacted given the focus on Europe today.
  • New Zealand GDP and Australian employment data kick off the overnight docket on Thursday. Focus then quickly turns to the ECB to see what impact the most recent developments have had on the governing board’s reaction function.
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