May 12, 2022 09:18 GMT
- A busy start for FX during the early European session.
- The standout has been the Yen, extending decent gains throughout the session acting as a safer haven, with risk tilted to the downside.
- Similar drive for the USD, with market participants favouring the USD, the Dollar is in the green across the majors, besides the Yen.
- UK GDP miss, also Ukraine, Brexit (back in the mix), are keeping USD, and Govies bid.
- Yesterday's US CPI, saw Airfare as the big outlier, but desk still expect for inflation to soften in the coming Months.
- Despite the UK GDP miss this morning, the Pound is still mixed in G10, down 1.64% versus the Yen ( like most Currencies), while holding gains against the NOK, NZD, AUD, EUR, and the SEK.
- BITCOIN has cleared the big 28,824.32 support.
- Next psychological support is at 20,000, and below the latter, would open to 19,272.91 (76.4% retrace of the 2020/2021 rally).
- Bitcoin printed a 25,424.51 low, and has found some demand to trade at 27,480.00 at the time of typing.
- Looking ahead, on the data front, sees US PPI, and the only speaker left, will be ECB Makhlouf.