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Daily FX Wrap: All Eyes On JPY Pairs

Daily FX Wrap: All Eyes On JPY Pairs

All eyes were on the JPY pairs today, led by USD sales down towards the March lows, breaking below here and 110.50 to put in a test on 110.00.

We managed to hold some 25 ticks or so off this key area, with a number of ‘jolts’ higher along the way, with source reports of the BoJ considering further easing measures and a stronger than forecast US non-manufacturing ISM. The downside remains vulnerable nevertheless, and unless we get a significant recovery through 111.00, sub 110.00 is still on the cards.

Cross JPY rates also broke a series of big figure levels, but major support points intact as yet.

GBP is back on the rack with EUR/GBP grinding through key levels on the upside; .8030-65 the area to watch for here. Cable is through the Friday lows as a result, but 1.4100 holding for now. This is/was in spite of an in-line UK services PMI, but Brexit fears will be cited for the latest weakness.

Spot EUR digging in as a result, but some weakness creeping in with the USD index threatening higher.

AUD enjoyed a brief reprieve post RBA, but the downside eventually resumed to set fresh lows ahead of .7500.

NZD/USD reclaimed .6800 on the back of a surprise rise in GDT index and WMP, but gains tentative.

CAD lows stretched through 1.3200, but losing a little momentum since.

Oil relatively well behaved in comparison, but prices heavy.

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