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JPY Gains Into Tokyo Fix

FOREX

Little to go by in terms of headlines during the session, most pairs holding narrow ranges after some sizable moves on Tuesday.

  • AUD is slightly firmer; markets await retail sales data later in the session while iron ore prices are also providing some support after BHP missed output estimates. NZD trading flat, CPI data rose 1.5% Y/Y, in line with estimates.
  • JPY is stronger. USD/JPY the decline accelerating through 108.00, last down 21 pips at 107.90 and breaking out of yesterday's range in the process.. Tokyo metropolitan authorities filed a request with the central gov't to declare a state of emergency in the capital, following a similar move from Osaka. Plans to seek emergency declarations had been heavily reported in the local news and several gov't officials pledge to process the requests without delay. Sankei suggested that the gov't will declare emergency in Tokyo, Osaka & Hyogo as soon as this week.
  • Yuan is flat, USD/CNH hovering around 6.50, just above its 100-day moving average at 6.4985 and below its 50-day moving average at 6.5060.
  • EUR looking slightly sluggish compared to peers after reports that COVID-19 hospitalisations in France hit a 2021 high yesterday.
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