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JPY underperformance spills over into.........>

FOREX
FOREX: JPY underperformance spills over into Europe
- JPY underperformed through Europe and is currently registering losses across
all G10 currency pairs. USDJPY closed above its 100 & 200-dma's yesterday,
extended the recovery to Y111.98 but has so far failed to take out channel top
resistance at Y112.00. EURJPY cleared Y127.00 with ease targeting a topside
break of the 200-dma at Y128.11, while GBPJPY improved to fresh ytd highs of
Y148.35.
- The USD has largely consolidated yesterday's strong US data/yields led gains.
The DXY lifted to 96.38 and brings the 100-dma back into view at 96.45. The US
10Y firmed above 2.73%, while gold extended the downtrend toward $1306.
- Eurozone PMI's were mixed, with gains for Italy, France & EZ, losses for Spain
(Below 50, 1st time since Nov 2013) and Germany in-line. EZ Core CPI dipped to
1.0% (headline in-line), despite this EURUSD failed to react and holds a narrow
20 pip range.
- Firmer oil prices amid Opec-led supply cuts pressured USDCAD to C1.3132 and
brings trendline & 61.8% fibo support into view at C$1.3120.  

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