USD/JPY tests 119.00 on broadly weaker yen, Nikkei at 15-year high
USD/JPY edged up in Asia and rose from 118.82 to 119.09. A new 15-year high in the Nikkei helped. Japanese stocks rose on news reports that another reflation-ist would be appointed to the Bank of Japan’s Policy Board in June to replace dissenter Morimoto whose term expires. EURJPY also was lifted, from 135.02 to 135.36. GBPJPY rallied more from 184.29 to 185.01, gaining ground after closing above 184.24 last night. However, yen only gained against the aussie, making AUDJPY the exception, as it fell from 93.74 to 93.26 and reversing recent gains after weaker than expected Australian CAPEX data.
EUR/USD opened in Asia at 1.1362 after edging up following Fed Chair Janet Yellen’s testimony. The pair was quiet in Asia. It looks to be stuck in a broad 1.1250-1.1450 range and could remain within these parameters for the near term.
GBP/USD saw more upside, trading up from 1.5524 and through yesterday’s high of 1.5538 to 1.5554. Up a leg from New York’s retracement low of 1.5467, cable looks to test its descending 100-DMA at 1.5568 soon. EURGBP continued to trade soggy, off modestly from 0.7320 to a fresh trend low of 0.7309.
USD/CHF looked better bid between 0.9482-0.9500 in Asia. EURCHF too looked better bid between 1.0772-98.
AUD/USD opened in Asia at 0.7888 and traded 0.7878-88 initially, unable to get past offers around 0.7900. Weak CAPEX data saw it tailspin down to 0.7836 before dead-cat bouncing. The odds of a RBA rate cut next week went up.
NZD/USD closed in New York at 0.7558, the highest close since January 20. Good migration and trade data saw it trade up in Asia 0.7549 through the overnight high of 0.7563 .
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