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Free AccessRisk On Provides Boost To Cross/JPY, Greenback Under Pressure
- Buoyant market sentiment provided a tailwind for risk-tied currencies on Thursday, with the Japanese Yen seeing steady selling pressure throughout the session.
- This led to significant moves in yen crosses, with particular strength seen in AUDJPY, CADJPY and NZDJPY, all rising just shy of 1.5%.
- Despite the higher US yields, the recovery in equities worked against the US dollar, with broad dollar indices retreating around 0.5%.
- Some hawkish repricing in UK money markets following the Bank of England also supported GBPUSD, rising 1% from the early lows hovering 20 pips below the week's highs and the 20-day EMA circa 1.3760.
- Today's gains leave a key support at 1.3602 unchallenged, Aug 20 low. Furthermore, it also means triangle support at 1.3633 remains intact despite being probed yesterday and today.
- In similar fashion, the Norwegian krone rallied over 1% against the greenback with an upbeat central bank meeting as well as oil prices providing a beneficial backdrop for NOK.
- In the EM space, a surprise rate cut worked against the Turkish Lira. USDTRY (+1.3%) matched record levels just above 8.80, last seen in June earlier this year.
- German IFO data headlines the EU session on Friday before Fed Chair Powell, Gov Bowman and VC Clarida are due to deliver remarks at an online event.
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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.