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JPY Under Early Pressure

FOREX
  • Markets are extending the risk-on move posted since Wednesday's Fed rate decision, resulting in JPY being the poorest performer in G10 so far Friday. This keeps USD/JPY upside under pressure with the cycle highs of 119.12 in view. A break above here opens levels not seen since early 2016.
  • Russia-Ukraine tensions remain front and centre, with Russia's President Putin speaking with the German Chancellor this morning, noting the Ukrainian demands in peace talks as "unrealistic". Putin speaks with Macron later in the day.
  • CHF and CAD outperform, while the greenback trades more mixed. The EUR retraces a part of recent impressive gains, but the bias remains for further corrective rallies.
  • Focus turns to any outcomes from today's meeting between US President Biden and his Chinese counterpart Xi - who are due to discuss Sino-US relations and, inevitably, the ongoing Ukraine crisis. On the data front, Canadian retail sales and US existing home sales are the focus.
  • Fed speakers will also draw attention, with Kashkari, Barkin and Bowman the first FOMC members to comment since Powell's press conference on Wednesday.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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