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JPY Weakens As Dollar Holds Steady Before Jackson Hole

FOREX
  • With US equities grinding higher on Wednesday, the Japanese Yen retreated with USDJPY (+0.35%) regaining the 110 handle.
  • For bulls, key near-term resistance is unchanged at 110.80, Aug 11 high. A break would ease bearish concerns and instead open key resistance at 111.66, Jul 2 high.
  • Firmer risk sentiment evidenced by an extension of the commodities recovery kept Aussie and Kiwi underpinned, rising between 0.3-0.4%.
  • EURUSD and GBPUSD have taken out Tuesday's best levels as we approach the close, sending the dollar index into minor negative territory.
  • The mixed G10 performance has left the dollar index broadly unchanged for the session as markets await the Jackson Hole Symposium where MNI expect to hear Powell repeat many recent talking points, and provide more clarity on some issues surrounding policy normalization, without pre-committing to a taper timeline.
  • The consolidation of most recent oil gains lent further support to NOK topping the G10 pile against the greenback.
  • Tomorrow markets will receive ECB Monetary Policy Meeting Accounts, followed by the second reading of Q2 US GDP. Fed's George, Bullard and Kaplan are currently on Thursday's speaker schedule.
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