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Free AccessUSD/JPY Can't Crack 135.50, A$ Recovers Some Ground
The USD is mixed at the start of the week, USD/JPY is trying to break higher, while risk sensitive currencies have received some support from higher US equity futures.
- USD/JPY made another run at 135.50 but ran out of steam just ahead of that level. We now sit back sub 135.20.
- EUR/USD remains sub 1.05, but is up off the opening lows just above1.0460. French President Macron has lost his absolute majority in parliament, which is likely to be a focus point when EU markets come in.
- AUD/USD is higher, pushing above 0.6950, before running into selling resistance. We are still around 0.20% NY closing levels from last week. The currency has shrugged off a sharp slump in iron ore futures (down 4.3% to $114.85).
- Higher equities are helping, with US futures all in positive territory, albeit away from levels.
- NZD/USD is slightly firmer at 0.6320. Earlier the PSI rose to 55.2 in May, from a revised 52.2 in April. This is the highest level for the index since July last year.
- Korean equities slumped after opening higher. The Kospi is down over 1%, with offshore investors reportedly dumping local chip stocks. 1 month USD/KRW is edging higher to 1292, while spot is above 1293.
- USD/CNH has remained range bound around the 6.7100 level.
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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.