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JPY Hampered by Continued Bounce in Stocks

FOREX
  • Reflecting the continued bounce in equities, JPY is Wednesday's poorest performer so far, with USD/JPY edging comfortably back above the Y110.00 ahead of the NY crossover.
  • The surge in the e-mini S&P puts the index through the week's best levels, with the contract now inside 50 points of the alltime highs posted on July 14th. The energy and financials sectors (the poorest performers at the beginning of the week) are driving the recovery in Europe, with US indices likely to follow suit.
  • This has put a temporary end to the recent USD strength, with the USD Index in minor negative territory at pixel time. A negative close for the index today would be the first in five sessions. EUR/USD's rejection of any test on key support at 1.1704 is largely responsible, but the pair needs to make progress through the Tuesday high of 1.1803 before the outlook begins to look more positive.
  • Once again, there's relatively little data or central bank speak to digest across G10, keeping focus on the ECB rate decision due tomorrow and the continued roll out of US earnings. Highlights today include Johnson & Johnson, Coca-Cola and Verizon Communications.
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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