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FOREX: Record Highs for Equities Underpins Cross JPY Strength

FOREX
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  • Currency markets traded with a muted tone on Friday, amid a mixed set of US data and potentially reflecting cautiousness ahead of the week’s close and the impending US holiday on Monday. All eyes remain on China stimulus measures, with a key press conference taking place on Saturday from the MOF on fiscal policy. We also have more meetings at the start of next week.
  • Fresh record highs for Emini S&P 500 futures weighed on the Japanese yen, with the risk on tone
  • Boosting the likes of AUD and NZD, which are the best performers in G10, alongside the Norwegian Krone.
  • AUDJPY has risen 0.60% and while it did breach Thursday’s high, the cross remains shy of the October peak which is located around 65 pips above current levels at 101.42.
  • The most interesting move was following the stellar jobs report from Canada which momentarily provided the Canadian dollar with a welcome reprieve. USDCAD shed roughly 50 pips from 1.3775 to 1.3725 on the release, however, a steady grind higher since then makes it likely that USDCAD will extend its winning streak to 8 consecutive sessions. This keeps the bull trend firmly intact, and sights are on 1.3800 and 1.3846, the mid-April highs. Canadian CPI is due next Tuesday.
  • EURUSD held a very tight 31 pip range, as the pair consolidated its small bounce from 1.0900 lows made this week. Next week will be highlighted by the October ECB rate decision and press conference.
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  • Currency markets traded with a muted tone on Friday, amid a mixed set of US data and potentially reflecting cautiousness ahead of the week’s close and the impending US holiday on Monday. All eyes remain on China stimulus measures, with a key press conference taking place on Saturday from the MOF on fiscal policy. We also have more meetings at the start of next week.
  • Fresh record highs for Emini S&P 500 futures weighed on the Japanese yen, with the risk on tone
  • Boosting the likes of AUD and NZD, which are the best performers in G10, alongside the Norwegian Krone.
  • AUDJPY has risen 0.60% and while it did breach Thursday’s high, the cross remains shy of the October peak which is located around 65 pips above current levels at 101.42.
  • The most interesting move was following the stellar jobs report from Canada which momentarily provided the Canadian dollar with a welcome reprieve. USDCAD shed roughly 50 pips from 1.3775 to 1.3725 on the release, however, a steady grind higher since then makes it likely that USDCAD will extend its winning streak to 8 consecutive sessions. This keeps the bull trend firmly intact, and sights are on 1.3800 and 1.3846, the mid-April highs. Canadian CPI is due next Tuesday.
  • EURUSD held a very tight 31 pip range, as the pair consolidated its small bounce from 1.0900 lows made this week. Next week will be highlighted by the October ECB rate decision and press conference.