The dollar is marginally lower as we look towards the session ahead, after some mixed moves in markets yesterday. 10-year Treasury yields broke out to the highest since 2007 but equities had other ideas and rallied after a bit of a stutter in US trading. Copium much?
USD/JPY continues to stay perky though, holding just above 146.00 for now. JP Morgan suggests that yen intervention territory should remain similar to October last year around the 150.00 mark. But I reckon traders would be more wary about that this time around and also look for a stronger push factor to really drive the next leg higher in the pair.
So far today, things are calmer with US futures and bond yields also not hinting at much. There’s not much in terms of data in Europe to shake things up later, so it’ll all come down to the market mood once again.
0600 GMT – Switzerland July trade balance
0800 GMT – Eurozone June current account balance
1000 GMT – UK August CBI trends total orders
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
