Free Trial

Positive Sentiment Drives Early Price Action, Yen Loses Allure

FOREX

Risk-on flows have materialised in G10 FX space at the start to the Asia-Pac session, with U.S. e-mini futures operating in the green and regional benchmarks generally trading on a firmer footing on a positive lead from Wall Street.

  • The Antipodeans pace gains, with AUD/USD climbing above the $0.7000 mark after two consecutive failures to close above that level. NZD/USD is testing the $0.6300 figure, narrowing in on its 50-DMA, which has been intact since April.
  • The yen underperforms at the margin, taking a breather in the wake of yesterday's surge. USD/JPY has added ~30 pips thus far, with short-end U.S. Tsy yields rising a tad. The rate has seemingly found support in its 50-DMA, which today intersects at Y134.30.
  • Asia-Pac data releases move into lower gear from here and focus turns to preliminary EZ GDP, German unemployment and flash CPI figures from France & Italy.
  • Later in the day, the American docket features U.S. core PCE data, MNI Chicago PMI & final Uni. of Mich. Sentiment as well as Canadian GDP.

To read the full story

Close

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.