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Free AccessJPY Weakens As Most G10 Currencies Hold Narrow Monday Ranges
- The Dollar Index held a 19 pip range on Monday which was a fair barometer for G10 FX ranges on Monday.
- Market holidays in Australia, China, Hong Kong and Taiwan prompted limited activity overnight, with the US dollar making very marginal gains, however, the DXY rejected Friday's high.
- Throughout the rest of the trading day the index gradually turned from positive to negative territory, with small gains for EUR, NZD and CAD despite US yields slowly inching higher.
- Bucking the trend, JPY was the notable underperformer on Monday, alongside the Swiss Franc. USDJPY strengthened 0.38% to breach 110 to the topside. The recovery refocuses attention on 110.33, Jun 4 high, where a break would reinstate the uptrend and open this year's 110.97 high from Mar 31. Yen weakness was the key driver with EURJPY and AUDJPY advancing by a similar magnitude.
- Larger moves were seen in the EM space, with BRL (+0.92%) leading gains and TRY (-0.89%) the major laggard following President Biden's meeting with his Turkish counterpart.
- Tomorrow's overnight highlight is the RBA minutes before US Retail Sales and PPI headline the US data docket.
- Focus is undoubtedly on Wednesday's Fed meeting, where Chair Powell will likely make it clear that the FOMC is not yet ready to move any further than just talking about reducing asset purchases.
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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.