Continuum Economics
  • Search
  • About Us
  • Buy
  • Invite A Friend
  • My Basket
  • Articles
  • Calendar
  • Forecasts
  • Events
  • Data
  • Newsletters
  • My Alerts
  • Community
  • Directory
  • About Us
  • Buy
  • Invite A Friend
  • My Basket
  • Articles
    • All
    • Thematic
    • Tactical
    • Asia
    • EMEA
    • Americas
    • Newsletters
    • Freemium
    • Editor's Choice
    • Most Viewed
    • Most Shared
    • Most Liked
  • Calendar
    • Interactive
      • China
      • United States
      • Eurozone
      • United Kingdom
    • Month Ahead
    • Reviews
    • Previews
  • Forecasts
    • Forecasts
    • Key Views
  • Events
    • Media
    • Conference Calls
  • Data
    • Country Insights
    • Shadow Credit Ratings
    • Full CI Data Download
  • Newsletters
  • My Alerts
  • Community
    • FX
    • Fixed Income
    • Macro Strategy
    • Credit Markets
    • Equities
    • Commodities
    • Precious Metals
    • Renewables
  • Directory
  • My Account
  • Notifications Setup
  • Account Details
  • Recent Devices
  • Distribution Lists
  • Shared Free Trials
  • Saved Articles
  • Shared Alerts
  • My Posts
Published: 2024-04-22T04:44:27.000Z

Asia Summary and Highlights 22 Apr

byCephas Kin Long Yung

FX Analyst
1

Risk sentiment broadly positive on lack of geopolitical escalation

USD/JPY testing recent high again

Asia Session

Risk sentiment is broadly positive on Monday with the lack of geopolitical escalation. Major equity indexes opened in the green with the exception of CSI as better than expected Chinese data recently diminish hopes of further stimulus. The antipodeans are supported by the waves of positive sentiment and outperformed the USD and peers on Monday. AUD/USD is trading 0.33% higher at 0.6438, NZD/USD fared better at 0.5914, 0.44% higher while USD/CAD slipped 0.15% to 1.3725.

As haven bids fade, USD/JPY resume its uptrend and is testing recent high at 154.78 again. It is quiet from the Japan side today as we did not hear any verbal intervention even if they means little. The lack of strength in past rhetoric has been the key reason for market not believing such words carries enough weight to stall JPY weakness. Still, there is no doubt BoJ will intervene when the pace of weakness accelerates. However, U.S. Treasury Yields remain much higher than JGB yields even when both increase for the day and see USD/JPY 0.06% higher at 154.69. Else, EUR/USD is 0.14% higher and GBP/USD up 0.15%.

North American session

The main move in the North American session was a weaker GBP, encouraged by BoE’s Ramsden expressing greater confidence that inflationary persistence was easing and that the balance of risks had oved to the downside. GBP/USD fell by a big figure to 1.2370. EUR/USD was dragged down to 1.0611 before recovering to around 1.0650 as EUR/GBP moved above .86.

USD/JPY held firm around 154.60 and the commodity currencies had little direction. There was no US data but the normally dovish Fed’s Goolsbee stated that the latest three months of inflation data could not be dismissed. 

 

Continue to read the article for free
Login

or

or

Topics
FX Highlights
Foreign Exchange
Asia Pacific Close
FX & Money Markets Now!

GENERAL

  • Home
  • About Us
  • Our Team
  • Careers

LEGAL

  • Terms and Conditions
  • Privacy Policy
  • Compliance
  • GDPR

GET IN TOUCH

  • Contact Us
Continuum Economics
The Technical Analyst Awards Winner 2021
The Technical Analyst Awards Finalist 2020
image