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FOREX: USD/JPY adds to gains having closed above the 50-dma
-JPY is once again one of the weakest currencies in G10 following USD/JPY's
close above the 50-dma Monday, the first since mid-December last year. This sets
up markets well for a test of firstly the 200-dma at Y111.29 before any move
north of Y112. JPY weakness has been supported by positive equity markets across
Asia-Pac as well as Europe, countering the BoJ's decision to trim the size of
its 10-25yr Rinban operation.
-AUD trades well, largely on short-covering after AUD/USD touched multi-week
lows overnight and as the NAB Business Conditions survey improved in January.
Rallies remain shallow, however, with the pair unable to test $0.71 just yet.
-CHF is the weakest in G10, hurt by the ongoing positive risk sentiment and
moving in tandem with JPY. Any break above Monday's Chf1.0096 flash crash high
for USD/CHF opens the multi-year high of Chf1.0128.
-Datapoints are few and far between, with focus on speeches from BoE governor
Carney and two scheduled appearances from Fed's Powell in Mississippi. Fed's
Mester and ECB's Lautenschlaeger are also due to speak.