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USD/JPY Bounces Further Off Friday Low

FOREX
  • Despite flatlining equity markets, JPY edged back into a negative territory Tuesday, with USD/JPY picking up some upside momentum after the London close. This extends the bounce from Friday's lows to well over 100 pips, with the pair nearing in on the 38.2% retracement of the April downtick. JPY was comfortably the poorest performer in G10.
  • The greenback held its ground after stabilising on Monday. The USD Index now trades either side of the 100-dma at 91.05 and will need to build a base above here to stage any broader recovery.
  • Focus Wednesday rests on the FOMC. Their April decision is not seen as a major factor for markets at this juncture, with the board expected to stay the course on policy and steer clear of any discussion over the tapering of asset purchases.
  • Data due Wednesday includes Australian CPI for Q1, Canadian retail sales and US trade balance data for March. Central bank speakers include ECB's Lagarde, Rehn and Schnabel as well as Fed Chair Powell's post-decision presser.
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