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Light USD Demand In London, JPY The Outperformer As Stocks Pull Back From Highs

FOREX

Light USD demand is seen in early London trade, as the spill over headwinds from a positive session for Asia-Pac equities fade.

  • Ranges for the major pairs are still tight and the JPY is the outperformer amongst the G10.
  • Several factors may be supporting the USD early today:
  • Another round of higher-for-longer Fedspeak was seen over the weekend, via an FT interview with Minneapolis Fed President Kashkari (Fed likely to hold rates “for an extended period time”).
  • A pullback from best levels in European equity benchmarks (helping explain the JPY outperformance).
  • A marginally softer-than-flash Eurozone manufacturing PMI reading will also be having some impact.
  • Elsewhere, firmer-than-expected domestic PMI data is aiding the SEK.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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