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.