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JPY On Top Following Equity Dip Late Wednesday

FOREX
  • The JPY trades solidly across the board early Thursday, following downside pressure in USD/JPY ahead of the Wednesday close, that resulted in a showing back below previous resistance-turned-support at 113.41. This level remains a focus headed into NY hours as the USD Index trades in negative territory and just above key support at the 93.3495 50-dma.
  • The single currency trades poorly ahead of the ECB decision, with markets continuing to reflect on the policy divergence between the ECB and other major global central banks. Short-term rates markets across the UK and US continue to accelerate pricing for earlier, sharper interest rate hikes, while the Eurozone equivalent lags considerably, translating to the EUR being one of the poorest performers so far in G10.
  • Focus turns to the ECB rate decision, at which the bank are expected to double down on their view that the current surge in inflationary pressures is transitory, and their current policy mix remains relevant. Today's meeting is seen as a final hurdle ahead of the December decision, at which the bank will have full access to fresh economic projections and may tweak their asset purchase programme.
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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