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FOREX: Greenback Resilient to Softer US Data, JPY and CHF Pressured

FOREX
  • Higher core yields and the associated widening of yield differentials place specific pressure on the Japanese Yen and Swiss Franc on Monday. As such, USDJPY momentum has built above the 161 handle, briefly printing a new multi-decade high of 161.73. Elsewhere, EURCHF is seen as one of the best performing crosses to start the week, rising 0.72% back to 0.9700. 
  • In similar vein, and assisted by the initially firmer risk backdrop, AUD/JPY traded a higher high for a tenth consecutive session. Such a streak has only occurred a handful of times since the Global Financial Crisis and another higher high tomorrow would be the longest winning streak for the cross since 2011. Price has cleared 107.50 to touch the highest level since 2007 today.
  • Softer-than expected US manufacturing data, and in particular the prices paid component, offered only very brief pressure on the greenback, before a strong reversal higher which persists as we approach the APAC crossover.
  • This helped EURUSD a little lower across the session, which had previously been buoyed early Monday following the first-round results of the French election and a moderate reduction of political risk premium. Resistance at the 1.0777 (50-dma) has contained the rally well so far and trades around 1.0730 at typing.
  • RBA minutes kick off the Tuesday calendar before Eurozone inflation will highlight the European session. Fed Chair Powell is due to participate in a panel discussion titled "Policy panel" at the ECB Forum on Central Banking, in Sintra. JOLTS job openings data highlights the data calendar in the US.
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