USDJPY back to the its highs. GBPUSD and EURUSD start wilting
We’ve finally got the break up in US bond yields and that’s giving the US dollar a new lease of life.
It’s pretty clear what the next target here is.
USDJPY is up at 113.39, just shy of the 113.46 highs, which in itself is just short of the next resistance around 113.60/65
I’m less inclined to look at shorting USDCAD into 1.2600 now as there’s now two winds blowing in the same direction. We’ve got US existing home sales at the top of the hour but it’s the lesser of the housing numbers and not usually market moving. However, look out for it to follow the pattern of starts and permits in showing a weather related drop, or if it is strong and has weathered the storms, it may just give yields another nudge, and thus the buck too. We’re expecting 5.30m sales vs 5.35m prior
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