A mixed bag in the currency market so far today

Author: Justin Low | Category: News

The JPY is the strongest major currency so far, while the CAD lags behind


Ranges for a lot of the major currency pairs remain relatively narrow and that's leaving little to be desired in terms of trading opportunities so far today.

The overarching theme is that of yen strength. Trade concerns are fading, and that's helping to give equity traders a bit of a reprieve. But after the EU's response here, the yen slowly crept higher in the session. Do also note that this month is the end of the fiscal year for Japanese companies, so yen repatriation is surely among the factors playing into the price action too.

Meanwhile, the kiwi is holding steady on the back of dollar and aussie selling. AUD/NZD continues to follow technical levels rather well as seen on the daily chart:


The mid-August low was a support level in February (1) but turned resistance and capped the upside move (2) over the last two days, after the bounce from a double bottom (3) as shown on the chart. Do keep in mind that we will have some risk events for the kiwi coming later in the form of the GDT auction, as previewed by Eamonn here.

The loonie continues to lag behind after a break of a key technical level as Adam pointed out here, and further concerns on trade rhetoric will continue to keep the loonie on the backfoot for the time being it seems.

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