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Pressure On Equities Boosts USD, Lower Core Yields Bolster JPY

FOREX
  • Despite the immediate greenback dip on the lower-than-expected US ISM Services PMI data, the subsequent dent to risk sentiment provided support for safe-haven currencies and saw the USD index edge higher throughout US trade. The index has risen 0.36% on the session and has now reversed the post-JOLTS data declines from Tuesday.
  • Additionally, further bull steepening in the US yield curve bolstered the Japanese Yen, which saw solid demand against non-usd G10 currencies.
  • In particular, AUDJPY and EURJPY are showing losses of around 1%. The former can be explained by the residual bearish sentiment following the RBA’s unchanged decision while EURJPY’s fresh weakness has built momentum with EURUSD trading back below the prior tech resistance at 1.0930.
  • Last Friday, EURJPY made a small marginal high above the March 2 high at 145.57 but price has since seen a substantial reversal to the downside. On the downside, initial firm support is seen at 142.84, the 50-day EMA which has briefly been tested today and a weekly close below this average would be considered a bearish development.
  • Both SEK and NOK were notable underperformers, both falling over 1.2% against the greenback, consolidating early losses, that appear technically driven, throughout the US trading session.
  • German IP and Canadian jobs data are the highlights on Thursday. Focus then turns to US non-farm payrolls on Friday ahead of the holiday weekend, where consensus is currently looking for a +240k print and average hourly earnings of +0.3% M/m.
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