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USDJPY Fades Off Multiyear High

FOREX
  • Markets are largely in consolidation mode Wednesday, with USD/JPY fading slightly off the multi-year high posted yesterday at 116.35, with prices now either side of the 116.00 handle. The pair has re-correlated with equity indices, following the e-mini S&P off the alltime high, with the index around 25 points off Tuesday's 4808 at typing.
  • A modest souring in sentiment follows a generally risk-off session in Asia, with the Hang Seng Index retreating over 1.5% as further cases of omicron are found clustering across Hong Kong. Tighter activity restrictions have been rolled out, including restaurant capacity limits and forced closures for certain outlets this weekend.
  • USDJPY's pullback has worked against the USD Index, with the greenback lower against most others in G10. JPY is firmest, with NOK and SEK both posting minor gains.
  • Fed minutes take focus later today, with ADP Employment Change for December also on the docket.

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