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USDJPY Extends Bounce From Fresh Trend Lows, AUD Surges

FOREX
  • In a reversal of the initial Japanese Yen strength to start 2023, there has been a strong reversal on Wednesday amid the broadly firmer global risk sentiment thanks to further optimism out of China as well as downward relief for NatGas prices. USDJPY has advanced 1.2% on Wednesday, which extends the bounce from Tuesday’s lows to around 300 pips, narrowing the gap with key short-term resistance at 134.50, the December 28th high.
  • Despite a dip lower for major equity indices following the FOMC minutes, sentiment across currency markets remains strong, mainly shown by the impressive move in AUDJPY, currently up 2.8% as we approach the APAC crossover.
  • AUD outperformance across G10 continues to stem from news that Chinese bureaucrats are discussing plans to resume some imports of Australian coal after a more than two-year ban as relations between the nations improve.
  • Closely behind sees the Candian dollar, rising 1.35% against the greenback with more moderate gains seen for the Euro, GBP, NZD and CHF, in the region of 0.5-0.75%.
  • In emerging markets, single currency strength is underpinning a move higher for the Hungarian Forint which saw USDHUF fall to fresh 7-month lows.
  • US ADP crosses Thursday but the focus will quickly shift to Friday’s release of Eurozone inflation data, followed by the December US non-farm payrolls report.
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