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USD, JPY Hold Recent Strength as Equities Show at a New Low

FOREX
  • Risk aversion remained the theme for currency markets Tuesday, with another downtick in equity markets resulting in a fresh low print for the e-mini S&P. This helped both the JPY and greenback hold recent strength, leaving the two currencies close to the top of the G10 table.
  • SEK was the strongest, however, with markets watching comments from Riksbank's Ingves, who stated that a 'systematically' weaker SEK would be undesirable from a policy perspective. EUR/SEK reversed off a multi-month high printed in overnight trade at 10.6793.
  • Gold also sold off alongside energy products, putting commodity-tied currencies at a disadvantage and resulting in AUD, NZD and CAD undperforming most others.
  • Chinese inflation data crosses during the Wednesday Asia-Pac session, with markets expecting CPI to creep higher to touch 1.8%, while PPI moderates to 7.8%. US CPI then takes focus.
  • Consensus has core inflation firming to +0.4% M/M from the +0.32% M/M in March, driven by a smaller decline or possibly a rise in used autos after sliding nearly 4%. Meanwhile headline is seen weaker at +0.2% M/M as large declines in gasoline weigh on energy whilst food inflation maintains its recent strong pace.
  • Outside of macro data, a slew of ECB speakers are due throughout the day, with the highlights including Lagarde, Nagel, Makhlouf, Schnabel and Knot among many others.
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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