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FOREX
FOREX: JPY re-approaching multi-year highs on a TWI basis
- Despite a relatively sanguine and non-directional session for equities, JPY
surged further still, topping the G10 table Wednesday. Much of the strength in
JPY was driven by another drop in EUR/JPY, which fell to 114.43, the lowest
level since 2016. Next support in EUR/JPY kicks in at 113.87.
- GBP took a leg lower on relatively few macro cues. The retreat in GBP/USD from
Friday's highs of 1.2643 have firmed the importance of the 200-dma as key
resistance having twice held back the pair. The 200-dma currently crosses at
$1.2658.
- The Bank of England and Norges Bank both hold rate decisions Thursday and both
are seen keeping policy rates unchanged. Markets will be watching for whether
either bank see further policy measures as necessary with both economies past
the Coronavirus peak. On the data front, weekly US jobless claims will take
focus as one of the most realtime indicators of US macroeconomic health.
Australian & Chinese trade balance, Chinese Caixin PMIs and German & French
industrial production data crosses Thursday.

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