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USD/JPY Resumes Incline, Clears Wednesday High

FOREX
  • The post-US CPI rally in USD/JPY persists, with the pair making light work of yesterday's highs to print a new multi-decade best at 153.29. Gains for the pair come despite the background threat of intervention from the Japanese authorities, with markets on watch for any volume or price action surge that could signal the Bank of Japan are looking to prop the JPY price.
  • Despite the upside in USD/JPY, CHF is the poorest performer in G10, as the continued to rollback of implied pricing for Federal Reserve, BoE and ECB rate cut cycles opens the rate differential gap with the SNB, who have already begun their rate cut cycle. NOK takes place at the other-end of the table, stronger against all others as the firmer oil backdrop continues to prop the currency. Fraught geopolitical tensions continue to support oil-tied currencies, after the US warned yesterday that they see an Iranian attack on Israel as "imminent".
  • The ECB rate decision comes alongside the US crossover, with markets on watch for any signal that the ECB will proceed with a first rate cut of the cycle at the June meeting. Ahead of the decision, EUR/USD is consolidating, holding close to the entirety of the slide off US inflation data yesterday, keeping support at 1.0725 within range and marking the bear trigger for the Thursday session.
  • Focus ahead turns to the weekly US jobless claims data and the March PPI release - particularly in light of yesterday's hotter-than-expected CPI release, after which
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