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JPY, CHF Gain as Growth Concerns Weigh Ahead of the Fed

FOREX
  • Currency markets trade with a risk-off feel, putting JPY and CHF at the top of the G10 pile, while a pressured US yield curve saps the greenback. Growth concerns remain the key driver ahead of the Fed decision later today, with bank stability still a background concern. Regional names in focus during Tuesday trade are again lower, with Pacwest Bancorp and Western Alliance off as much as 9% in pre-market trade.
  • Currency futures volumes showing typical pre-Fed below-average activity, as markets tread water ahead of the FOMC: EUR futures see volumes 19% below average for this time of day, JPY 29% below, GBP 16% below.
  • In tandem with the softer risk outlook, WTI and Brent crude futures are plumbing new multi-month lows and dragging commodity tied currencies. AUD and NZD are weaker, putting AUD/USD back below the 50-dma of 0.6685 - although yesterday's 0.6621 low remains out of reach for now.
  • USD/JPY's pullback puts the pair over 2 points off the week's high at 137.77 - opening next support at the 50-dma of 133.96.
  • Outside of the FOMC decision and press conference, ADP Employment change and the April ISM Services Index will draw focus
Energy BulletsCommodities
Energy BulletsCommodities

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