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Risk-On Bolsters Cross-JPY Recovery

FOREX
  • After treading water for the majority of European trade, USDJPY surged back above 114 as markets welcomed a firmer session for risk sentiment, evident by higher equity and commodity indices.
  • The half percent rally fell just short of the December highs. Clearance of 114.26, Dec 15 high is needed to offset any developing bearish technical concerns.
  • Stronger gains were seen in cross-yen as the Australian dollar, Kiwi and GBP all benefitted substantially from the renewed optimism in global markets. NZDJPY was the strongest on the board, rising 1.2% with the others following close behind. Firmer crude futures also boosted the Norwegian Krona over 1%.
  • For a second consecutive session, the dollar index registered marginal losses, as the greenback lacks momentum in either direction as the holiday approaches.
  • In similar fashion, EURUSD obeyed narrow parameters between 1.1260-1.1300 as the bounce in commodity/risk tied FX remained in focus.
  • Another wild ride in emerging markets as USDTRY continues to trade in a very volatile manner, following Erdogan’s new plans to halt dollarization. Posting just shy of a 23% intra-day range, the pair looks likely to close the day 3% lower around 12.95.
  • BoJ minutes overnight before some final GDP readings out of the UK and the US, however, the data docket remains light. Thursday’s US Core PCE Price Index will be the final point of focus before the extended break.
Energy BulletsCommodities
Energy BulletsCommodities

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