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USD/JPY Inches to New 2021 Highs Overnight

FOREX
  • The greenback trades slightly softer as markets resume their overall bullish poise. Stock futures are extending their recovery, with the e-mini S&P within 15 points of the alltime highs.
  • USD/JPY inched higher to touch a fresh 2021 high of Y110.21 in Asia-Pac hours, before prices faded into minor negative territory ahead of the NY crossover.
  • NOK is stronger for a fourth session, with USD/NOK trading either side of the 8.50 level as a solid oil price performance underpins the currency. EUR/NOK eyes support at the 10.1276 100-dma, and a break below here would open the 10.09 50-dma and the 2021 lows of 9.8998.
  • Focus turns to the Bank of England rate decision, with markets on watch for any signs of other MPC members joining outgoing Chief Economist Andy Haldane in voting for a slowdown in QE purchases. Data includes weekly US jobless claims, prelim durable goods orders and the tertiary reading for Q1 GDP.
  • Speakers due Thursday include ECB's Panetta & Schnabel as well as Fed's Barkin, Bostic, Harker, Williams, Bullard and Kaplan.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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