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FOREX
FOREX: Steady morning as market digests late Thursday equity rally
- Currency markets are largely treading water Friday morning, with the modest
uptick in European equities doing little to deter some JPY consolidation and
USD/JPY to press back towards Y107. Better-than-expected Chinese industrial
production data did little to sway prices in either direction, with German GDP
also painting an expectedly poor picture of the Eurozone economy.
- JPY is (just) the strongest in G10, with EUR not far behind while GBP
continues to underperform.
- Price action in EUR/CHF remains curious. The cross edged below previously firm
support levels Thursday that had been earmarked as the edge of the implied SNB
tolerance band. The late US equity rally put an end to that pressure, however,
prompting the cross to sit back above Chf1.0520 early Friday.
- US retail sales data for April is the calendar highlight Friday, but
industrial production data should also draw some focus. Prelim Uni. of Michigan
sentiment numbers should paint a dire picture of consumer confidence at
1500BST/1000ET.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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