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USD/JPY Recovers As US Equity Futures Edge Higher

FOREX

The majors haven't seen sharp moves in the first part of trading, which may remain the case given Japan markets are closed and then London is out, in observance of the Queen's funeral.

  • Some interest has been seen in USD/JPY, which dipped to 142.65 earlier, with yen aided by lower US equity futures, but we are now back above 143.00, as US futures have recovered back into positive territory.
  • The A$ is best performer (last 0.6720/25), around +0.10% above NY closing levels but meeting some resistance above 0.6730.
  • NZD/USD is around flat, markets largely ignoring the better tone to the services PMI (58.6 versus 54.4 previously). NZD/USD was last at 0.5990 unable to hold earlier gains above 0.6000.
  • EUR/USD is holding above 1.0010, but is down from earlier highs above 1.0030.
  • There is little in the way of further event risks for today. Note also US cash Tsys will remain closed until NY hours.
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