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Free AccessRisk Bounce Stifles JPY Momentum, CAD Recovers
- An extension of Monday's late bounce in global equity indices aided USDJPY back up to just shy of the 110 mark on Tuesday.
- Overall, the dollar index edged out a small win of 0.1% in a mixed day for G10 FX.
- CAD (+0.4%) was the clear outperformer after yesterday's onslaught. USDCAD retraced back to 1.27 having printed a high above 1.28 during Monday's session. CADJPY had a strong squeeze higher after matching/bouncing from the April lows of 85.43. A late recovery in oil prices kept the Canadian dollar on the front foot.
- Most other G10 currencies lost ground to the greenback, with GBP and NZD retreating around 0.35%. The GBPUSD outlook remains bearish with moving average studies pointing south. What appears a clear breach of 1.3669 should reinforce bearish conditions and pave the way for an extension of the bear cycle. 1.3579, a Fibonacci retracement was briefly probed, support below here is 1.3567, the February lows.
- The greenback strengthened just ahead of the WMR fix, but the moves appeared to be more closely following the uptick in both equity markets and Treasury yields seen just beforehand.
- Australian retail sales and BOJ minutes headline the overnight docket before US crude oil inventories in the latter stages of Wednesday. As a reminder the July ECB statement/press conference is on Thursday.
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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.