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Yen Goes Out Of Favour Again, Commodity FX Under Pressure

FOREX

The yen has faltered despite a downtick in the Nikkei 225, with USD/JPY trading on a slightly firmer footing. The rate has managed to add a handful of pips in the wake of a sharp corrective pullback over the past two days, which coincided with a dip in the RSI back below the 70 "overbought" threshold. Note that the BoJ took steps to enforce its cap on 10-Year JGB yield earlier this week but Governor Kuroda played down the significance of bond purchase operations for the yen, signalling readiness to act if needed.

  • Commodity-tied currencies have slipped alongside crude oil amid reports of the U.S. weighing a "massive" release of oil to tackle inflation. Recent headline flow has offered little of real note, with scepticism surrounding potential for any breakthrough in Russo-Ukrainian peace talks inspiring a degree of caution.
  • China's official PMIs, U.S. PCE data & MNI Chicago PMI, EZ unemployment as well as UK & Canadian GDPs take focus on the data front. Central bank speaker slate features Fed's Williams as well as ECB's Lane & de Guindos.
Energy BulletsCommodities
Energy BulletsCommodities

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