After USD/JPY took centre stage on the first trading day of 2016, focus switched to the EUR pairs, though once again, equities influenced heavily. Overnight, the PBoC increased liquidity to steady risk sentiment, though also measures were taken to contain any further volatility in stocks. USD/CNY was prised away from 5 year highs accordingly. USD/JPY steadied, but with EUR/JPY having taken out some key support points in previous sessions, heavy selling here was exacerbated by a turnaround in what was a modest recovery in the DAX. Volkswagen (DE:VOWG_p) and Bayer (OTC:BAYRY) stocks led the way, as well as sales warnings at Continental. The cross rate eventually took out 128.00, leading to a series of (hard fought) losses in EUR/USD. Sovereign buying ahead of 1.0800 was eventually filled to target the next key buying zone at 1.0750-60, but specs worked through these orders to trip modest stops just below here to keep the pressure on. Later in the day, the leading spot rate went on to test bids reported from 1.0725-00. German jobless fell more than expected, but to limited effect, and EU inflation, although soft, was not as bad as the preceding session’s German stats had suggested. GBP continued to suffer, though cable only marginally extended the 1.4661 lows from Monday. NOK also had a torrid time Monday, but stabilised through Tuesday. NZD fell further, taking out .6700, with the 1.6% drop In Fonterra’s dairy index pushing the spot rate through .6680 support. AUD and CAD later followed lower, though largely on the broader USD grind higher.
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Focus Switches From USD/JPY To EUR Pairs
Published 01/05/2016, 10:37 AM
Updated 07/09/2023, 06:31 AM
Focus Switches From USD/JPY To EUR Pairs
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