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Yen, Swiss In Favour On Renewed Equity Weakness

FOREX
  • Currency markets were very much out of the spotlight on Thursday with the majority of the day’s volatility centred around equity and bond markets.
  • However, the renewed risk-off sentiment did bolster haven-tied FX with the Japanese Yen and Swiss Franc up 0.45% and 0.3% respectively against the greenback. USDJPY fell to the worst levels in two weeks back below 115.00.
  • Overall, the dollar index is likely to snap a two-day losing streak, however, gains for the greenback remain marginal and the index remains around 0.3% softer on the week. Worth noting the dollar continuing its weakening trend against gold, which has risen another 1.6% today, narrowing the gap with the June 2021 highs.
  • Despite the lower equity and oil prices, AUD and CAD hold in well, broadly unchanged for the session and perhaps the more notable outperformer is GBP, rising 0.3%.
  • EURGBP continues to edge back toward the significant support area around and just below the 0.83 handle, a multi-year range base since 2016 and 0.8282/77, the Feb’20 and Dec’19 lows. The cross is also below both the 20- and 50-day EMAs and resides just above the short-term support at 0.8331, a Fibonacci retracement.
  • Naturally in emerging markets, RUB was the worst performer, retreating 1.35%. Despite today’s reversal higher in USDRUB, the pair remains well below the 77.62 highs seen late last week.
  • Later today, expect comments from Fed’s Mester - due to speak about the economic and monetary policy outlook at an online event hosted by New York University. Q&A expected.
  • Tomorrow’s data calendar will be headlined by retail sales from the UK and Canada before US existing home sales. There are also more scheduled Fed speakers throughout the latter half of Friday’s US session.
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