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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

US

'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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USD/JPY has unwound the modest pressure that crept in during late NY dealing after Fed Chair Powell pointed to the risks provided by the Omicron COVID variant re: the economy and inflation, including downside risks to progress in the labour market. Powell did not comment directly on the pace of Fed tapering in the pre-release ahead of his testimony on the Hill due Tuesday.

  • The cross last deals ~25 pips higher on the day, just shy of Y113.80 after the rate dealt in a near 1 figure wide range on Monday, unwinding a portion of Friday’s sell off. It would seem that Asia-Pac participants are looking to the uptick in equity indices/lesser sense of outright immediate worry re: the severity of Omicron, given that U.S. Tsys retraced from their highest levels on Monday.
  • Initial resistance is now located at the 20-day EMA, while support comes in at the Nov 9 low and reversal trigger (Y112.73).
  • Labour market data and preliminary industrial production headline the local Japanese docket today, although the official Chinese PMI readings headline the broader risk docket during Tokyo hours.