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JPY Gives Back Gains, CHF Sinks as Jordan Resigns

FOREX
  • Having been the strongest performing currency across the Thursday session - JPY is giving back the gains headed through Friday morning, with Y150.50 being topped ahead of the NY crossover. Moves build on the solid equity rally into the Thursday close (triggered by a particularly soft MNI Chicago PMI), and support from the 3bps uptick in yields through the European morning.
  • For now, the USD/JPY bounce is infitting with the underlying uptrend, which faces fierce resistance at Y150.89 - above which markets may garner the attention of the Japanese authorities and their discomfort with JPY weakness.
  • EUR/USD inched higher to touch new session highs of 1.0822 following a 0.1ppts beat on forecast for the Eurozone prelim CPI headline - but gains are short-lived and the rally contained given the track higher for regional inflation releases out over the past ~24 hours. EURUSD remains well below the Feb 22 heigh and resistance clustered around the 50-day EMA - at 1.0834.
  • CHF sits alongside the JPY in trading poorly, with markets selling the currency on the unexpected announcement of the departure of President Jordan later this year. The SNB President is set to leave his position early - at the end of September - opening the position for either an outside candidate, or for Vice President Schlegel to step up into the role. Either way, the uptrend in EUR/CHF remains on track, with the cross touching new 2024 highs of 0.9596 today and breaking the 200-dma in the process.
  • Focus for the Friday session turns to final US PMI data for February, the ISM manufacturing release as well as the final UMich survey for the latest month.
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