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FOREX: JPY Firmest in G10 for Second Session

FOREX
  • For a second session, the JPY is the best performing currency across G10 FX, with cross-selling pressuring AUD/JPY again to a new pullback low. The break and close below the uptrendline drawn off the April triggered the initial move, and this week's break of the 50-dma adds to the short-term pressure. The cross has now traded lower in 8 of the past 9 sessions. 
  • JPY is garnering support from the softer equity outlook in Asia - particularly in China - which bucked the positive trend in the Wall Street close. The CSI-300 is set to close lower by over 1.5%. 
  • The USD Index is within the Monday range, with the 200-dma still providing a gravitational pull, but is on the front foot headed through the open (coinciding with a bottoming-out for US yields). EUR/USD and GBP/USD both eye their respective Monday lows at 1.0873 and 1.2906. 
  • Existing home sales and the Richmond Fed Index are unlikely to trigger the next phase of USD strength, with tomorrow's prelim PMI release the next datapoint of note. 
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