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JPY Firmer as USD/JPY Rolls Off Recovery High

FOREX
  • JPY is the firmest performer in G10 as markets roll off the USD/JPY top at yesterday's high of 146.59. The move in JPY looks largely idiosyncratic, as equities across the continent trade higher, and US futures point to a positive close on Wall Street. USD/JPY's fade off highs has reversed the entirety of the sources report-inspired rally early Monday, marking 144.78 as weak intraday support ahead of 144.52 and the 38.2% retracement of the post-Ueda move at 143.85.
  • The USD trades poorly headed into the NY crossover, with short-setting and profit-taking evident after resistance at 104.262/263 failed to give way in the USD Index across the Friday/Monday sessions. This leaves the greenback in consolidation mode, but has allowed EUR/USD to improve, narrowing the gap with the 200-dma in the process at 1.0825.
  • Antipodean currencies are trading well, taking the lead from firmer equity and, to a lesser extent, commodities prices. AUD/USD remains anchored to the 200-dma of 0.6576, with 0.6608 the first modest intraday resistance - which markets failed to meaningfully break back above after the payrolls release on Friday.
  • US inflation data takes focus going forward, with markets expecting CPI to slow 0.1ppts to 3.1%, although caveated with a steady Y/Y core rate at 4.0%. ECB's Villeroy is also set to appear, however is unlikely to muse on monetary policy given the proximity to this Thursday's ECB decision.
Energy BulletsCommodities
Energy BulletsCommodities

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