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WTI TECHS

(U1) Holding Onto Recent Gains

BRENT TECHS

(U1) Extends Gains

EQUITY TECHS

E-MINI S&P (U1): Northbound

JPY

Awaiting Clearer Cues

TURKEY

Local Bonds Take A Knock After the Eid Break

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  • The dollar index edged consistently higher throughout Thursday's session, extending the post-fed renewed optimism for the greenback. The advance was aided by a sharp move lower in precious and industrial metals as well as oil finally ending it's winning streak.
  • Gains were broad based as EUR, GBP, AUD, NZD, CAD and CHF all retreated between 0.6-1%.
  • EURUSD continued to fall sharply, taking out multiple short term supports to fall 2% from yesterday's highs, finally pausing for breath at a noted support of 1.1893, 2.0% 10-dma envelope.
  • The standout performer against the dollar was the resilient Japanese Yen as the reversal in US yields and the initial drop in equity indices soured risk sentiment. Additionally, strong resistance headed into the March high of 110.97 also slowed down proceedings following the overnight rally.
  • JPY strength and softer risk led to some sizeable declines in cross-JPY. AUDJPY, CADJPY and EURJPY the notable movers, all shedding over 1% for Thursday as of writing and unable to bounce despite a late recovery in US indices
  • These moves come ahead of the Bank of Japan due overnight. The June meeting should ultimately prove to be a very bland affair, with no changes in monetary policy expected. There are also no expectations for tweaks to the Bank's overarching economic view and forward guidance, as it continues to fight the well-documented disinflationary forces in play in Japan. UK Retail Sales rounds off the week's data calendar.