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USD Index Consolidates Gains, Large Round Trip For USDJPY

FOREX
  • Most G10 currencies held relatively narrow ranges on Wednesday after the significant volatility seen in the prior trading session. The USD index remains close to unchanged as we approach the APAC crossover, having consolidated Tuesday’s advance.
  • Price action indicates the DXY is confirming a key bullish break of the 100-day moving average. Markets broke and closed above this mark (intersecting today at 105.466) for the first time since June 2021 - a move which presaged a multi-year rally for the currency amid the Fed's post-pandemic tightening drive.
  • The most action was seen in the Japanese Yen, which had modestly outperformed following Powell on the back of suppressed equity markets. USDJPY gained traction to the topside overnight and printed as high as 137.91 before staging an impressive 140 pip reversal lower through the European session and into early US trade. However, the pair has since bounced back above the 137 mark and is close to yesterday’s closing level.
  • The Canadian Dollar sits bottom of the G10 FX rankings today after the BoC met expectations of holding at 4.5% but didn’t give a nod to the higher rates expectations in the US, building on yesterday’s clearance of the bull trigger at 1.3705 for USDCAD. The pair printed as high as 1.3815, the highest print since October last year.
  • China CPI & PPI data is due overnight, however Thursday remains void of any tier-one data releases. Focus will quickly shift to Friday’s Bank of Japan decision and the release of US Non-farm payrolls.
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