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USD/JPY Cycle Highs Back in Sight

FOREX
  • USD/JPY continues to test the upper-end of the recent range, with the cycle highs at Y135.59 back in sight as equities find some more stable footing to put Wall Street on track for a solidly positive open later today.
  • This gives markets a somewhat positive backdrop after the US holiday on Monday, with the greenback among the poorest performing currencies so far Tuesday.
  • Commodity-tied currencies also sit higher, with NOK and CAD recouping recent lost ground and putting USD/CAD back toward the C$1.2900 level at the NY crossover.
  • The EUR is also trading favourably, putting EUR/USD on course to test the key upside level at the 1.0622 50-dma. ECB speakers so far this morning have talked up the likelihood of tighter policy be year-end, with ECB's Rehn favouring a rate hike of more than 25bps at the September meeting.
  • US Chicago Fed National Activity Index data and existing home sales are the focus for the session going forward, with Canadian retail sales also on the docket. Central bank speakers include Fed's Barkin and Mester.
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