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USD/JPY Either Side of Y132 as Risk Recovers

FOREX
  • JPY is backtracking against all others in G10, helping aide a solid bounce in USD/JPY to trade either side of Y132.00 at the NY crossover. The risk backdrop is generally improving, with US equity futures trending higher overnight and indicating a solid open on Wall Street later today. The underlying driver for equity strength remains the continued retrenchment of concerns over the global banking sector and a surge in equity prices in Asia, following a 10% rally in tech giant Alibaba shares as they outlined a restructure.
  • At the other end of the table, CHF is outperforming, reversing a large part of the Tuesday weakness to keep EUR/CHF well off any material test of parity. The 50-dma of 0.9926 remains first support, a level that continues to provide a solid anchor for prices.
  • The USD Index is slightly firmer, snapping back a small part of the week-to-date losses, although recent ranges are being largely respected.
  • The data calendar is relatively light going forward, with focus on the pending home sales release for February. The central bank speaker slate is busier, with Fed's Barr, BoE's Mann, BoC's Gravelle due during market hours, while ECB's Schnabel follows after the US close.
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