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JPY Drops to New Multi-Year Lows as Equities Crest at Fresh Highs

FOREX
  • JPY underperforms headed into Tuesday's NY crossover, slipping against all others and boosting USDJPY to closer to 116.00 and the best levels since early 2017. EURJPY is running higher in sympathy, with the cross approaching resistance layered between 131.00-04. JPY is lower as equities globally continue to improve (at the expense of bonds), evident in the e-mini S&P rallying through 4800 and hitting a fresh alltime high.
  • The strongest currencies so far today include AUD and NOK, with commodity-tied and growth proxy FX at the top of the pile.
  • Elsewhere, the greenback is a touch softer, but holds close to the highs printed yesterday as the USD Index rebounded off the 50-dma at 95.628.
  • December's ISM Manufacturing data takes focus going forward, with activity seen slowing to 60.0 from 61.1. Particular focus will likely be paid to the employment sub component ahead of Friday's NFP release - with US jobs growth seen accelerating to 424k across December.

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