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JPY Working Against Last Week's Price Action, Weakest in G10

FOREX
  • JPY is working against the price action seen late last week, with USD/JPY recovering off the overnight lows of 110.87 headed into the NY crossover. Nonetheless, the outlook remains bearish following the engulfing candle pattern last week, with the outlook unlikely to improve until prices recover above 112.08.
  • Commodity-tied currencies are faring more favourably, with NOK and CAD among the best performers in G10. Price action follows further sources reports arguing against ideas raised last week for OPEC+ to front-load their planned output hikes by boosting production by 800,000bpd in November. Latest reports suggest, however, that the group will opt for no change to policy. Meetings continue throughout the Monday session and further headlines are likely.
  • Equity markets are more mixed, with futures indicating a minor negative open on Wall Street later today. This keeps the e-mini S&P either side of the 100-dma at 4344.3, which is fast becoming a key anchor for prices evidenced in last week's price action.
  • August factory orders and final durable goods data make up a typically quiet US calendar Monday, keeping focus instead on appearances from BoE's Ramsden and Fed's Bullard.
Energy BulletsCommodities
Energy BulletsCommodities

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