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Greenback Strength Extends, USDJPY Breaches 143.00

FOREX
  • Surging core yields have continued to weigh on the Japanese Yen on Tuesday, prompting USDJPY to print a fresh high of 143.07, extending the day’s gains to 1.7% and rising around 280 pips off the day's lows. Japanese authorities continue to let markets know they are watching the FX market and are vigilant, however, the language remains consistent with messaging over the past months and appears ineffective in its current form.
  • Sights are on the 143.30 -- 2.23 projection of the Aug 2 - 8 - 11 price swing before the next psychological resistance point of 144.00.
  • Mild pressure on equity markets also weighed on the likes of AUD and NZD which fell close to 1% against the USD, despite an overnight 50bp hike from the RBA. Outperforming in G10 was GBP, which is registering gains following new Prime Minister Liz Truss’ proposed spending package to deal with the developing energy crisis. Similarly, CAD remains unchanged ahead of tomorrow’s central bank decision.
  • Despite an early bounce, EURUSD has made new cycle lows at 0.9864 which brings fresh attention to 0.9800 as next support.
  • Overall, the greenback was bolstered by today's firmer US ISM Services PMI and it is worth noting there are very few notable US data points ahead of next Tuesday’s CPI release.
  • Australian GDP data will precede Chinese trade balance figures. The European docket includes German Industrial production and the final reading of Eurozone GDP. Focus will then turn to the Bank of Canada, which is widely expected to hike its overnight rate 75bps to 3.25%.
  • Fed speakers include Barkin, Mester and Brainard and worth noting the September ECB decision/press conference is on Thursday.

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