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Free AccessJPY Uptrend Intact, USD/JPY At Multiweek Low
JPY continues to push to new multi-week highs, with the BoJ rate decision doing little to reverse the current JPY uptrend. USD/JPY has now printed lower lows for five consecutive sessions, with the July 31 low at Y104.19 the next key support. Similarly in EUR/JPY, the cross is extending losses after yesterday's close below the 50-dma at 124.62. The 100-dma undercuts at 122.00. This leaves the JPY as the best performing currency in G10 at the NY crossover.
The USD is generally firmer, but markets remain somewhat indecisive. Equities in Europe are lower, with selling pressure slightly accelerating following the mixed close on Wall Street Wednesday. This has fed through into commodities, with lower oil prices today leading NOK, CAD toward the bottom end of the G10 pile.
The Bank of England rate decision is the next point of focus, with markets seeing little chance of any major policy shift from the MPC today. The South African central bank decision is also due, with the bank expected to trim rates by 25bps to 3.25%.
Weekly US jobless claims, housing starts and building permits are the data highlights Thursday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.