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FX SUMMARY

FOREX

A busy morning session across assets and FX.

  • After being mixed overnight, USD is in the Green against all majors, although Kiwi is still holding onto small gains (up 0.09%) versus the USD.
  • This was led by higher US yields, after the end of traffic jam at the Suez canal brought back a positive outlook for Global trade.
  • US 10 yr yields trades above the 2021 high, which was at 1.7525%,
  • USDJPY is now trending towards levels last seen since last year.
  • Risk on and higher US yields as Global trade are set to re-open is seeing safe haven FX better offered.
  • JPY and CHF are down 0.44% and 0.32% respectively on the Risk on tone.
  • SEK is also underperforming going into Month End/Quarter End, down 0.37%.
  • Next target in the USDJPY cross is seen further out towards 110.63 0.764 proj of Mar - Apr 2020 rally from Jan 6 low
  • Also note, that 110.67 is the May 2019 high
  • Looking ahead, German national CPI, and US Consumer Confidence are the notable data.
  • Speakers, sees Fed Quarles, Williams,ECB Centeno and Riksbank Ingves
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