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JPY Fading Last Week's Gains

FOREX
  • JPY is fading early Tuesday, with USD/JPY touching the week's best levels and continuing to work its way through the pullback from last week's highs. This keeps the cycle best at Y136.71 in view over the medium-term, with the RSI fading back below the technically overbought levels seen early June.
  • Commodity markets have been the movers so far Tuesday, with oil, precious metals and iron ore posting sizeable gains and underpinning the CAD, AUD strength into the NY crossover. USD/CAD weakness has put the pair at the lowest levels since June 13th, narrowing in on the 50-dma support at 1.2811.
  • The single currency is mid-table, despite ECB's Kazaks this morning arguing in favour of a 50bps hike at the upcoming ECB July meeting. Lagarde argued a different path however, stating that 25bps should be the base case.
  • US trade balance data takes focus going forward, with wholesale inventories, consumer confidence and S&P Case Shiller house price indices also due. The ECB's Sintra policy forum continues, with appearances from Elderson and Panetta due. Fed's Daly speaks at a separate event.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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