- Concerns persist on Japan’s radiation levels
- Fed’s Fisher reiterates opposition to further easing
- Japan’s February industrial output +0.4% MoM
- Regional stockmarkets have a good day, putting on 1.5% on average
- Gold unchanged at $1417/oz, Oil $104.70/bbl
It’s been mainly about the JPY today, with the break above 82.00 overnight giving USD/JPY bulls fresh impetus. Today was pretty much the last day to expect corporate repatriation flows but when the Tokyo fixing passed quietly by, the JPY selling began in earnest. EUR/JPY triggered stops above 116.50, 116.65 and 116.80 but all moves have been orderly. Ranges: USD/JPY 82.35/83.02, EUR/JPY 116.20/94
EUR/USD closed in NY at 1.4100 and has been at the mercy of cross flows. The first move was up as EUR/JPY flows dominated but the Fisher comments helped the USD rally across the board. EUR/USD fell to a low of 1.4068 as early morning longs bailed but its been a typical trading session with the main pair finishing close to unchanged. Ranges: EUR/USD 1.4068/1.4128; EUR/CHF 1.2977/1.3015
AUD/USD reached fresh multi-decade highs at 1.0317 early in the session, primarily on AUD/JPY demand, but it fell swiftly back to 1.0270 when no follow through emerged. New highs have since been reached, again driven by AUD/JPY, and the AUD is showing no signs of slowing down. Ranges: AUD/USD 1.0268/1.0328, AUD/JPY 84.69/85.65
Sterling has been quiet, following leads in the EUR and the CHF has been following the JPY lead though still stalling below sell orders at .9250. Ranges: Cable 1.5977/1.6026, USD/CHF .9192/.9241, EUR/GBP .8800/18.
