The buck is finding some favour but mainly at the cost of the yen
USDJPY is knocking on the 113.00 door again as the dollar starts to strengthen across the board. It’s been a strange move as GBPUSD and EURUSD were already falling on yen buying, and now the dollar has picked up the baton. As I type we’re pushing into 113.00 and there’s said to be export offers layered up to 113.30, with stops through there also. We’re seeing other USD pairs rising too now.
GBPUSD and EURUSD are trading at session lows of 1.3326 and 1.1740 respectively. We may have closed off the new month/quarter on Friday but we can often see new positioning in the first day or two of the new month/qtr. There’s nothing on the newsthat looks to be behind the moves so maybe we’re seeing some of the repositioning.