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JPY Sold as Equity Momentum Carries Through the Weekend

FOREX

Equities firmed further Monday, with the US' absence from markets not stopping equity futures from hitting new all time highs. Core European markets traded higher by as much as 1.8%, reinforcing the risk-on theme Monday. This has lead markets to sell the JPY against all others in G10, most notably against GBP, which has boosted the cross to near the best levels since early 2019.
GBP continues to trade well, with news that the UK's COVID vaccination schedule is ahead of expectations helping boost the currency. Data released this weekend showed the UK have now vaccinated the top four priority groups, with over 15mln in the UK now having received their first dose.

The USD index trades lower, but continues to sit either side of the 50-dma at 90.433 which continues to pull focus.

Focus Tuesday turns to the return of US market participants and the German ZEW survey, Eurozone GDP data and speeches from Fed's Bowman, George, Kaplan and Daly.

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