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FOREX: JPY on Backfoot as Market Postures for Fed, Trump-Putin Call

FOREX
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  • Markets are on a surer footing to start Fed week, although the narrow proximity to pullback lows for equities continues to underscore fragile sentiment headed into this week's FOMC rate decision and policy statement.
  • The JPY is weaker against all others in early dealing, with USD/JPY already showing through Friday's high of Y149.02 - meaning 149.20 is the next consequential level to the upside. The USD is mixed-to-lower, with Antipodean currencies outperforming - moderately countering the sharp weakness in AUD, NZD into last week's close.
  • The February retail sales release is the calendar highlight Monday, with markets expecting sales to bounce back this month from January's -0.9% for the advance reading. RBA's Hunter is the sole central bank speaker - with the Fed inside their pre-rate decision media blackout period.
  • Russia-Ukraine remains a key issue, with Trump set to speak to Putin tomorrow - at which they'll go over potential sticking points for a ceasefire deal, namely territory, power plants, security guarantees, involvement of foreign troops and market access. 
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  • Markets are on a surer footing to start Fed week, although the narrow proximity to pullback lows for equities continues to underscore fragile sentiment headed into this week's FOMC rate decision and policy statement.
  • The JPY is weaker against all others in early dealing, with USD/JPY already showing through Friday's high of Y149.02 - meaning 149.20 is the next consequential level to the upside. The USD is mixed-to-lower, with Antipodean currencies outperforming - moderately countering the sharp weakness in AUD, NZD into last week's close.
  • The February retail sales release is the calendar highlight Monday, with markets expecting sales to bounce back this month from January's -0.9% for the advance reading. RBA's Hunter is the sole central bank speaker - with the Fed inside their pre-rate decision media blackout period.
  • Russia-Ukraine remains a key issue, with Trump set to speak to Putin tomorrow - at which they'll go over potential sticking points for a ceasefire deal, namely territory, power plants, security guarantees, involvement of foreign troops and market access.