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FOREX: FX Volumes Surge as USD/JPY Nears 1,000 Pip Correction

FOREX
  • Currency markets shrugging off the softer-than-expected IFO numbers as the risk backdrop and acute volatility in both the JPY and USD continue to drive broader price action. The USD appears to be playing catch-up with the risk-driven decline in US yields - with European earnings and particular weakness in the growth-sensitive autos sector the original trigger. 
  • As a result, the USD has dipped against G10 currencies, adding renewed pressure to the USD/JPY pullback - which looks to trade below Y152.00 for the first time since April. A break below 151.95 would mark a full 1,000 pip correction off the pre-intervention cycle high.

No surprise to see very firm volumes out of currency futures markets this morning: 

  • JPY volumes 70% above average for this time of day
  • EUR 20% above
  • GBP 37% above
  • AUD 47% above
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