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USD/JPY Narrows In On Year's High

FOREX
  • The recovery from the post-Fed low in global equity markets remains the pervasive driver of asset prices, with the e-mini S&P now 120 points above the Jun21 low. This has filtered solidly into currencies, resulting in USD/JPY narrowing the gap with the 2021 highs of 110.97. A break and close above here would be a solidly bullish development, opening initially the 1.0% 10-dma envelope of 111.19 and the Mar 26 2020 high of 111.30.
  • PMI numbers across Europe have been mixed, with more solid German activity numbers countered by a weaker than expected French turnout. EUR has edged lower throughout the morning, softening against all others in G10.
  • Further strength in crude prices is working in favour of CAD and NOK, with USD/CAD now eyeing first key support at the 1.2224 50-dma.
  • Focus turns to Canadian retail sales, prelim June US PMI numbers and the new home sales release for May. Speakers due Wednesday include ECB's Lagarde and Fed's Bowman, Bostic & Rosengren.
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