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USD Index Edges Higher, USDJPY Set To Close Above 148.00

FOREX
  • Following this week’s hawkish hold from the Fed, the USD index edged higher on Friday, trading within ten pips of the 2023 highs, printed earlier in March at 105.88. A 0.25% increase for the index this week extends the streak of consecutive weekly advances to ten.
  • USDJPY led the advance on Friday as Bank of Japan Governor Ueda stuck to a dovish script in his post-meeting address. USDJPY looks set to close above 148.00, the highest weekly close since late 2022. The focus is on a climb towards 148.60 next, a Fibonacci projection, with scope seen for a climb towards the 150.00 handle.
  • GBPUSD (-0.46%) has also underperformed following a softer-than-expected UK services PMI, pointing to increased recession worry and continued loosening in the labour market. Support at 1.2308, the May 25 low, has been breached this week. The move down confirms a resumption of the bear trend and maintains the bearish price sequence of lower lows and lower highs.
  • The Euro trades closer to unchanged as mixed flash PMI data across France and Germany kept downside momentum in check for the single currency. The Antipodeans outperform G10 FX peers, probably looking to firmer Chinese equities as a source of support. The likes of NZDJPY and AUDJPY have risen around 1% to close the week.
  • Highlights on the global calendar next week include Eurozone inflation releases and US Core PCE. Additionally, there are a number of emerging market rate decisions to look out for.
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