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Japanese Yen Unable To Sustain Early Rally, USDCNH Extends Uptrend

FOREX
  • Despite an overall subdued session for global currency markets, the Norwegian krone stands out as the best performer, rising a little under 1%, whereas the Chinese Yuan has been the notable laggard.
  • Initial price action on Monday saw the Japanese Yen outperform all others, receiving an early boost on the back of comments from the Japanese Chief Cabinet Secretary Matsuno, who added to recent rhetoric and stressed that "it's important for FX to move stably" and that "Japanese authorities are closely watching FX moves with a high sense of urgency".
  • While USDJPY did come under pressure amid the headlines, the pair spent little time below the 143 handle before recovering well across the US open, and briefly trading back to unchanged around 143.70. The pair has edged slightly lower ahead of the APAC crossover, however, remains close to multi-month highs - last intervention phase was November 10th - as USDJPY traded around 146.50.
  • USD/CNH {+0.40%) showed above 7.2300 for the first time this year, with the rally extending to highs of around 7.2450, Bulls are focused on the 28 Nov ’22 high (7.2592) after last week’s break and close above the well-defined uptrend channel resistance. Softer than pre-COVID level spending surrounding the Dragon Boat Festival holiday provided the latest batch of negative Chinese economic news. Markets will look to China’s official PMI data, due Friday, with continued focus on the need for deeper stimulus.
  • Tuesday sees Canadian CPI as well as US durable goods and consumer confidence data. Later in the week, CPI data for Australia and the Eurozone will receive attention. Likely the market focus will be on the ECB Forum in Sintra, where on Wednesday Fed’s Powell, ECB’s Lagarde, BOJ’s Ueda and BoE’s Bailey all have a joint event.
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