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JPY on front foot as global equities slip -...>

FOREX: JPY on front foot as global equities slip
- Haven currencies are outperforming so far Friday, with the JPY active
throughout both the Asia-Pac session and European morning so far. USD/JPY edged
to a new one-month low of Y106.17, just above key support at Y106.07 printed
back in June. JPY is comfortably the best performer so far in G10 as equities
remain in retreat after the sour close on Wall Street Thursday. European stocks
have followed markets lower, with traders watching for any escalation in the
Sino-US spat that now looks to close the American consulate in Chengdu.
- Eurozone PMI numbers generally fared better-than-expected, but are still
stopping short of showing a firm V-shaped recovery. UK retail sales were
particularly firm, but the shift from physical retail to online shopping still
poses serious implications for any UK recovery. GBP is slightly weaker headed
into NY hours.
- Prelim July US PMI data and the New Home Sales report for June are the sole
economic releases left today. The Russian rate decision is due, with analysts
expecting a 50bps cut to 4.00%.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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