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Free AccessFOREX: Stronger US PMI Data Assists USDJPY Firmly Back Above 159.00
- Stronger than expected US PMI data boosted the greenback on Friday, most notably for USDJPY which was able to establish itself firmly back above the 159.00 handle, continuing to post new post intervention highs. In terms of resistance, next upside targets are at 159.63 1.236 projection of the May 3 - 14 - 16 price swing, followed by 160.17 High Apr 29 and the bull trigger.
- This post-PMI USD strength kept the pressure on GBPUSD to touch a new pullback low, extending the move seen following the dovish tilt to the Bank of England meeting on Thursday. The 50-dma offered intraday support, containing the selloff at 1.2624.
- Despite weak European PMI releases early Friday and the late greenback strength, EURUSD trades very resiliently into the close, down just 0.1% on the session. Stability for equities may be helping here, alongside an unwillingness to chase the single currency lower into the weekend, and political headlines expected to still drive volatility.
- In emerging markets, the Mexican peso outperforms as markets mull some moderate cabinet picks from President-Elect Sheinbaum and the dust settles on a post-election impulsive period for local assets. USDMXN trades down 1% around 18.19 as we approach the close.
- Next week, German IFO kicks off the data calendar on Monday, with potential comments from Fed’s Waller and BOC Governor Macklem also scheduled.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.