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FOREX: Funding Currencies Firm, With CHF and JPY on Front Foot

FOREX
  • CHF trades well against broader G10 despite headline CPI coming in alongside expectations - although EU harmonized CPI showed some signs of life - as fading equity markets helped prop haven FX and funding currencies outperformed.
  • On a similar vein, JPY is firmer against most others in G10. The pullback off last week's highs in USD/JPY continues, with the pair through yesterday's lows and narrowing the gap with next key support at the 50-day EMA / 50-dma at 154.65 / 154.74. Pullbacks at these levels are considered corrective above the trendline drawn off the Dec 28 low - crossing today at 153.81.
  • The JPY trade-weighed index is now firmer for a second session (two consecutive positive closes would be the first since the early May intervention) as Japanese ministers defend the effectiveness of currency intervention (Suzuki overnight) and as BoJ members warn of the impacts of a weak currency (Himino this morning).
  • Lastly, NOK sits at the bottom of the G10 pile as the ongoing sell-off in Brent crude futures continues to weigh, prompting NOKSEK to approach key support at 0.9918 (trendline drawn from the December 2023 low). The cross is currently 0.4% lower, having fallen around 0.7% yesterday.
  • Focus for the remainder of the Tuesday session turns to JOLTS job openings data, at which markets are on watch for any leading signs of fragility in the labour markets, while final April durable goods orders should confirm the steady pace in the prelim update.
  • The central bank speaker slate remains typically quiet given both the ECB, BoE and Fed remain inside media blackout periods (ECB and Fed due to upcoming rate decisions, BoE due to the July 4th general election). 
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