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Regardless of equities posturing extra defensively, there is not a transparent trace of a theme amongst main currencies. The greenback is buying and selling extra combined as it’s barely increased in opposition to the yen, loonie and aussie however a contact softer in opposition to the euro, franc and kiwi for the time being. It looks like merchants are nonetheless checking out their toes to start out the brand new week with month-end additionally in focus.
USD/JPY was decrease in Asia all the way down to 129.20 however is now buying and selling again as much as round 130.00 though the predominantly downtrend remains to be very a lot intact (as seen beneath). In the meantime, different greenback pairs are nonetheless respecting the technicals highlighted on the finish of final week right here so there is not a lot else to touch upon that.
It should be a bit messy to determine issues out within the subsequent few classes as markets will likely be bracing for the central financial institution bonanza arising later this week, whereas having to take care of month-end rebalancing flows as nicely.
However as at all times, the technicals are arguably the perfect device you need to use to try to outline danger and gauge the market bias throughout occasions like these. In any other case, there won’t be a lot else to work with to start out the week as all eyes will likely be on the Fed, BOE and ECB within the coming days.
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