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Markets More Stable After Volatile Thursday

FOREX
  • Markets are more stable early Friday after a volatile Thursday session that saw Wall Street stocks finish with losses of 0.4-0.9%. European indices have inched off the lows ahead of the NY crossover, with most markets higher by 1% apiece. Currency markets are following suit, putting haven FX at the bottom of the pile. JPY underperforms all others, with the USD/JPY rate hitting a new multi-year cycle high overnight of 117.06.
  • This puts the pair through the bull trigger at the break of 116.34/35, the Feb 10 / Jan 4 highs. The break higher confirms a resumption of the broader uptrend that started early Jan 2021. Attention turns to highs dating back to Jan 2017 - 117.53, the next objective, is the Jan 9 2017 high.
  • AUD trades weaker, with the currency still under pressure after the bearish shooting star candle pattern posted on Monday. Recent weakness still suggests scope for a deeper correction and has exposed 0.7258/20, the 20- and 50-day EMA values and a key support zone.
  • Regional currencies in close proximity to Ukraine are faring better, with NOK and SEK looking stable. The greenback
  • The Canadian jobs report takes focus Friday, with markets expecting the unemployment rate to shed another 0.3ppts to reach 6.2%. Prelim Uni of Michigan data also crosses, with attention as ever on the inflation expectations component.

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