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Greenback Marches Higher, USDJPY Extends Advance Above 131.00

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EM BulletFixed IncomeDataBulletMarketsEmerging MarketsForeign Exchange
  • The Dollar Index (DXY +0.65%) is set to extend its winning streak to six trading sessions. The index now boasts an impressive 5.5% advance throughout April with the Japanese yen and Chinese Yuan particular victims on Thursday.
  • USDJPY continues to defy gravity and has now rallied over 400 pips from yesterday’s low print below 127.00. With any small risks associated with the Bank of Japan meeting out of the way, market participants were given the green light for the pair to extend its path of least resistance higher.
  • Verbal murmurings from MOF officials, combined with weaker US growth data provided only brief price pullbacks, however, USDJPY continued to be very well supported on dips, eventually breaching the 131.00 handle and printing highs at 131.25.
  • Technically, the break above 129.40/44 confirms a resumption of the primary uptrend and highlights a bull flag breakout. Next resistance resides at 131.96, 1.00 projection of the Feb 24 - Mar 28 - 31 price swing.
  • USDCNH has advanced a further 1.1% on Thursday. Several banks have slashed their yuan forecasts with the currency headed for its biggest monthly decline since China unified its exchange market in 1994.
  • The late bounce in major equity indices, as well as firmer crude prices, lent support to the likes of the Canadian dollar, the only G10 currency to appreciate against the dollar on Thursday.
  • EURUSD price action confirms an extension of the bearish price sequence of lower lows and lower highs. 1.0494, the Feb 22 2017 low, was breached earlier in the session as the pair continues to narrow the gap to the 2017 lows, residing at 103.41.
  • Some more Eurozone inflation data scheduled for Friday before Canadian GDP and US Core PCE Price index figures kick off the North American docket. The week will be rounded off by Michigan sentiment data and the MNI Chicago Business Barometer.
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  • The Dollar Index (DXY +0.65%) is set to extend its winning streak to six trading sessions. The index now boasts an impressive 5.5% advance throughout April with the Japanese yen and Chinese Yuan particular victims on Thursday.
  • USDJPY continues to defy gravity and has now rallied over 400 pips from yesterday’s low print below 127.00. With any small risks associated with the Bank of Japan meeting out of the way, market participants were given the green light for the pair to extend its path of least resistance higher.
  • Verbal murmurings from MOF officials, combined with weaker US growth data provided only brief price pullbacks, however, USDJPY continued to be very well supported on dips, eventually breaching the 131.00 handle and printing highs at 131.25.
  • Technically, the break above 129.40/44 confirms a resumption of the primary uptrend and highlights a bull flag breakout. Next resistance resides at 131.96, 1.00 projection of the Feb 24 - Mar 28 - 31 price swing.
  • USDCNH has advanced a further 1.1% on Thursday. Several banks have slashed their yuan forecasts with the currency headed for its biggest monthly decline since China unified its exchange market in 1994.
  • The late bounce in major equity indices, as well as firmer crude prices, lent support to the likes of the Canadian dollar, the only G10 currency to appreciate against the dollar on Thursday.
  • EURUSD price action confirms an extension of the bearish price sequence of lower lows and lower highs. 1.0494, the Feb 22 2017 low, was breached earlier in the session as the pair continues to narrow the gap to the 2017 lows, residing at 103.41.
  • Some more Eurozone inflation data scheduled for Friday before Canadian GDP and US Core PCE Price index figures kick off the North American docket. The week will be rounded off by Michigan sentiment data and the MNI Chicago Business Barometer.