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Greenback Trades On Surer Footing, USDJPY Leads The Charge

FOREX
  • The USD index (+0.30%) looks set to snap its losing streak this week with few new headlines/drivers providing a more stable backdrop and prompting some moderate relief for the greenback.
  • The dollars ascent has been led by weakness in the Japanese Yen which sees USDJPY trade roughly 200 pips off the overnight lows, hovering just below the day’s peak of 132.76 as we approach the end of Wednesday trade.
  • While there has been an element of the JPY playing some catch up with rising US Yields over previous sessions, the firmer price action for major equity indices on Wednesday has provided a much more benign environment from which USDJPY has rallied.
  • Despite the overall trend conditions remaining bearish for USDJPY, the pair is in close proximity of two resistance levels. Firm resistance is seen at the 20-day EMA, at 132.82 and 133.00, the March 22 high, where a break is required to ease the bearish technical pressure.
  • Core rates may take their cues from Eurozone CPI prints tomorrow, China PMIs & US Core PCE price index data both on Friday.
  • On the domestic docket, March Tokyo core CPI will be published Friday, along with unemployment, industrial production and retail sales figures for February.
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