North American Summary and Highlights 22 Apr

Overview - The USD was little changed overall, correcting gains in Europe as equites rallied, but USD/JPY remained firmer, hitting a fresh 34-year high.
North American session
There was little news though gains in equities saw the USD advance versus the commodity currencies, USD/CAD to 1.37 and AUD/USD to .6450. EUR/USD and GBP/USD reversed most of their European losses, the latter bottoming at 1.23. EUR/GBP moved off its high but remained up on the day. USD/JPY remained firm, reaching a new 34-year high of 154.85, though the size of the advance was marginal.
European morning session
The USD edged a little higher against the EUR, GBP and JPY through the European morning, but was not much changed against the commodity currencies, scandis or CHF. The USD benefited from slightly higher yields, with the JPY under pressure from risk positive sentiment. USD/JPY tested the 34 year high of 154.79 seen last week, but held a pip below it.
The CHF managed to outperform the JPY helped by the news that the SNB had increased minimum reserve requirements for banks. Although the SNB said that this didn’t affect the current monetary policy stance, and looks to have been a macroprudential move, such actions are normally seen as a tightening, and helped prevent the CHF from falling with the EUR and JPY.