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USD/JPY Sells Off, Allied To A EUR/USD Rally

ByTalking Forex
Published 02/09/2016, 10:40 AM
Updated 07/09/2023, 06:31 AM

After some early calm in London, negative sentiment took over again. FX drivers switched between USD selling and equity markets, but in the former case, the USD/JPY sell off allied to a EUR/USD rally through 1.1250 have combined to hit the USD index through to just under 96.0. The former tried to revisit the 114.21 lows in Asia, but managed to hold off, and once Wall Street was up and running, we saw a recovery unfold. US equity futures had pointed to some heavy losses on the cash open, but the reality was not as bad as feared. This added fuel to a pullback in all JPY pairs, though the USD rate continues to run into resistance ahead of 115.50 – as it did in London morning trade. EUR/USD gains extended to 1.1300, with clear intent on pushing on from this in NY. A rollercoaster ride for AUD as equities prompted spot sales through .7000. EUR/AUD took out 1.6100. The recovery followed in line with USD/JPY, with AUD/JPY rallying from pre 80.00 lows. CAD was resilient throughout the day, in spite of WTI threatening the recent lows ahead of $29.00. Gains against the USD took out 1.3800, whilst beating the Asia highs through 83.50. GBP lost out against the EUR as the cross rate took out .7800, tipping .7850. Cable enjoyed a brief rally towards 1.4500, but spent most of the session close to 1.4400. A new record high for USD/MXN; hit 18.93+.

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