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JPY Seals Worst Monthly Performance since 2016

  • JPY was comfortably the poorest performer Wednesday, helping buoy USD/JPY toward the Y111.00 handle. A break above this level would be the first since March, and could open another leg higher toward 2020's best levels at 112.23.
  • The greenback started the session well, pressuring EUR/USD to new 2021 lows before month-end flow conspired against the greenback and boosted most major pairs into the month-end fix.
  • At the upper end of the table, GBP outperforms as the contrast between the UK's approach to COVID lockdowns and the Eurozone widens further. Both France and Italy extended their domestic lockdowns Wednesday, leaving vaccine politics as a key issue headed into Q2.
  • Focus Thursday turns to Japan's Tankan survey, US weekly jobless claims and March ISM manufacturing. Thursday also marks the final full trading day of the week, with markets only seeing a limited open Friday.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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