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Lower Lows for Vols, Solid Start for Stocks Aid Further USD, JPY Losses

FOREX
  • Dollar selling bias evident through the European open, with the USD Index edging to new lows. Moves across currencies coincide with solid cash equity open - aiding further losses for the greenback and pushing the USD Index, now over 1.25% softer off the mid-February highs.
  • As noted yesterday, softer implied vols have aided JPY lower - and another dip and new cycle low for EURJPY 6m implied vols is helping spot narrow the gap with the key resistance and bull trigger at the 164.30. The contract has slipped to 8.17 vols - the lowest since February 2022 - despite capturing live March and April BoJ meetings.
  • Moves come despite more contained bond markets - with the US curve relatively sanguine in contrast with the near 100 point rally in the e-mini S&P after the NVDA earnings after-market Wednesday.
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