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JPY Shrugs Off ETF Report, EUR/NOK Reverses Off Resistance

FOREX
  • EUR came under modest early pressure on the back of a softer-than-expected German wholesale price index release (-3.0%, Prev. -2.7%) and a dovish lean from ECB's Kazaks, who stated that while uncertainty remains high, there is no need to delay the ECB's rate reduction too much. EUR/USD faded through overnight lows, but remains comfortably off the post-CPI low posted yesterday at 1.0902.
  • Across G10, JPY and CHF are the poorest performers. Focus in Japan remains on wage-setting ahead of the final Rengo pay tally on Friday - ahead of which Toyota have agreed union demands for pay rises and bonuses "in full", bolstering the BoJ's plans to consider a rate hike next week. A report that the Bank of Japan are said to be mulling ending their ETF purchase programme with the price goal in sight provided some short-lived support for JPY - but the pair remains in closer proximity to yesterday's highs - crossing at 148.12.
  • NOK trades slightly firmer, reversing a small part of the weakness posted since the beginning of the week. EUR/NOK has been capped by resistance at the 200- and 100-dmas of 11.5016 and 11.5204 respectively - levels that could remain a focus on any dovish outturn from the Norges Bank next week.
  • The Wednesday schedule is far more muted, with no tier one data from the US or Europe
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