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USD/JPY Consolidates After Hitting New Cycle High

FOREX
  • Risk sentiment is generally slightly firmer, with European equities following the Wall Street lead after Tuesday's positive close. JPY was initially offered further in Asia-Pac trade, putting USD/JPY at a new multi-year high of 121.41 - before consolidating a profit-taking brought the pair slightly lower into the NY crossover.
  • GBP is the poorest performer so far Wednesday, despite headline CPI data coming in ahead of expectations - mimicking the higher-than-forecast inflation releases across Europe and the US. The 0.2ppt increase marked the 5th consecutive upside surprise. GBP/USD has ebbed off the overnight high of 1.3298, erasing a small part of the sizeable Tuesday rally.
  • SEK has firmed, with EUR/SEK returning back toward the 100-dma support at 10.3666 following a somewhat hawkish speech from Riksbank deputy governor Breman, who noted that policy rates may need to be hiked earlier, shrugging off the February rate path which is "now a thing of the past".
  • Focus turns to US new home sales data for February, the Spring Statement from the UK Chancellor and the BIS Innovation Summit, at which Fed's Powell, BOE's Bailey and ECB's Nagel are due to speak. Monetary policy may not be discussed, but markets will keep a close eye regardless. ECB's Visco, Fed's Daly & Bullard are also due.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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