Free Trial

USD/JPY Drops For Five Consecutive Sessions

FOREX

The JPY extended its winning streak Friday, rising against all others in G10 to pressure USD/JPY closer to key support at the Jul31 lows of Y104.19. Equities opened poorly in the US, with the tech sector continuing to underperform and leading the NASDAQ to underperform among the major markets. News that the US are to ban WeChat and TikTok from US app stores from Sunday shook equities slightly, with a deal now needed to avoid such a ban.

Data and news releases were few and far between, leaving markets to extend recent trends. After initially trading well on better-than-expected retail sales, GBP sank against most others after GBP/USD tried and failed to top 1.30. Comments from an EU Official also weighed, with the "substantial progress" reportedly needed for a UK trade deal. EU leaders meet in the coming week to discuss the issue.

Prelim global PMI numbers take focus in the coming week, with the bulk of releases due on Wednesday. Central bank speak really picks up, with both the heads of the Federal Reserve and the Bank of England due to speak on numerous occasions after their respective rate decisions last week.

The central banks of Sweden, Norway, Switzerland, Turkey and Mexico also hold their latest

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.