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FOREX: JPY's Resurgent Status as Haven FX Keeps Cross-JPY Under Pressure

FOREX
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  • JPY's resurgent safe haven status is again underpinning the currency, with JPY running firmer alongside another ratchet higher in geopolitical tensions. In response to the use of US and Franco-British long-range missiles in Ukrainian territory, Russia have launched an ICBM strike on Ukraine - the first recorded use of such a weapon in warfare.
  • USD/JPY is well through yesterday's lows, narrowing the gap with the Tuesday low at Y153.29, which marks next support in the pair. GBP/JPY is again testing a confluence of support at the 50-, 100- and 200-dmas, which all sit layered between 194.34-71. The currency also gained a tailwind on Ueda's appearance overnight, at which he retained a non-committal message on the December BoJ meeting - keeping market pricing either side of 50/50 for a 25bps hike.
  • EUR trades poorly on exposure to the Ukraine crisis, keeping EUR/CAD under pressure and touching a new pullback low. Today's show below 1.47 is the first since early July. GBP trades similarly poorly, with public sector net borrowing figures coming in much wider-than-expected for October.
  • Focus for the duration of the Thursday session turns to weekly jobless claims data and and October existing home sales. Central bank speak is thick and fast, with four Fed members speaking across 5 events, 12 ECB members across 9 events, and Catherine Mann representing the BoE. 
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  • JPY's resurgent safe haven status is again underpinning the currency, with JPY running firmer alongside another ratchet higher in geopolitical tensions. In response to the use of US and Franco-British long-range missiles in Ukrainian territory, Russia have launched an ICBM strike on Ukraine - the first recorded use of such a weapon in warfare.
  • USD/JPY is well through yesterday's lows, narrowing the gap with the Tuesday low at Y153.29, which marks next support in the pair. GBP/JPY is again testing a confluence of support at the 50-, 100- and 200-dmas, which all sit layered between 194.34-71. The currency also gained a tailwind on Ueda's appearance overnight, at which he retained a non-committal message on the December BoJ meeting - keeping market pricing either side of 50/50 for a 25bps hike.
  • EUR trades poorly on exposure to the Ukraine crisis, keeping EUR/CAD under pressure and touching a new pullback low. Today's show below 1.47 is the first since early July. GBP trades similarly poorly, with public sector net borrowing figures coming in much wider-than-expected for October.
  • Focus for the duration of the Thursday session turns to weekly jobless claims data and and October existing home sales. Central bank speak is thick and fast, with four Fed members speaking across 5 events, 12 ECB members across 9 events, and Catherine Mann representing the BoE.