FX Weekly Strategy: Asia, January 13th-17th

January 12, 2025 10:00 PM UTC

Hard for USD/JPY to extend higher from current levels
US equities and yields struggling to rise further in concert
EUR/USD downside also limited as yield spreads move in EUR’s favour
GBP has more potential downside with expectations of BoE cuts too conservative

FX Weekly Strategy: APAC, January 13th-17th

January 12, 2025 6:00 PM UTC

Hard for USD/JPY to extend higher from current levels
US equities and yields struggling to rise further in concert
EUR/USD downside also limited as yield spreads move in EUR’s favour
GBP has more potential downside with expectations of BoE cuts too conservative

North American Summary and Highlights 10 January

January 10, 2025 8:52 PM UTC

Overview - The USD bounced on a stronger than expected non-farm payroll, though with equities struggling on a rise in Michigan CSI inflation expectations, gains in USD/JPY failed to hold. 

FX Weekly Strategy: January 13th-17th

January 10, 2025 4:51 PM UTC

Hard for USD/JPY to extend higher from current levels
US equities and yields struggling to rise further in concert
EUR/USD downside also limited as yield spreads move in EUR’s favour
GBP has more potential downside with expectations of BoE cuts too conservative

Europe Summary and Highlights 10 January

January 10, 2025 11:13 AM UTC

The USD was slightly weaker against the EUR, JPY and GBP through the European morning, with EUR/USD gaining around 20 pips to trade above 1.03 and USD/JPY dropping around 40 pips to 158, hitting a low of 157.62 mid-session.

Psychology for major markets January 10th

January 10, 2025 11:11 AM UTC

USD at high levels, needs strong employment report to sustain them

FX Daily Strategy: N America, January 10th

January 10, 2025 9:57 AM UTC

US employment report to dominate
Strong numbers may be needed to sustain USD strength
CAD had some upside scope after recent losses
NOK/SEK remains undervalued

Asia Summary and Highlights 10 January

January 10, 2025 5:22 AM UTC

Japan Eco Min Akazawa says 'critical stage' in eradicating the public's deflationary mindset
Japan November Household Spending +0.4% m/m

FX Daily Strategy: Asia, January 10th

January 9, 2025 10:00 PM UTC

US employment report to dominate
Strong numbers may be needed to sustain USD strength
CAD had some upside scope after recent losses
NOK/SEK remains undervalued

North American Summary and Highlights 9 January

January 9, 2025 8:56 PM UTC

Overview - In a subdued FX market focus was on the GBP, which came under pressure early before a partial recovery. 

FX Daily Strategy: APAC, January 10th

January 9, 2025 4:07 PM UTC

US employment report to dominate
Strong numbers may be needed to sustain USD strength
CAD had some upside scope after recent losses
NOK/SEK remains undervalued

Psychology for major markets January 9th

January 9, 2025 11:16 AM UTC

GBP under pressure, JPY edging higher after stronger wage data

Europe Summary and Highlights 9 January

January 9, 2025 11:13 AM UTC

Most of the FX action was in GBP, which weakened at the open, with EUR/GBP rising to 0.84 from 0.8375 in the opening hour, at the same time as we saw a further general rise in UK yields.

FX Daily Strategy: N America, January 9th

January 9, 2025 10:05 AM UTC

Quietish day likely as US markets semi-closed due to day of mourning
JPY supported by Japanese wage data
EUR/USD still under pressure but limits of Trump trade may be approaching
GBP weakness can extend further, one way or another

Asia Summary and Highlights 9 January

January 9, 2025 5:17 AM UTC

Japan November Labor Cash Earning 3% y/y

FX Daily Strategy: Europe, January 9th

January 9, 2025 5:13 AM UTC

Quietish day likely as US markets semi-closed due to day of mourning
JPY supported by Japanese wage data
EUR/USD still under pressure but limits of Trump trade may be approaching
GBP weakness can extend further, one way or another

FX Daily Strategy: Asia, January 9th

January 8, 2025 10:00 PM UTC

Quietish day likely as US markets semi-closed due to day of mourning
JPY may react to Japanese wage data
EUR/USD still under pressure but limits of Trump trade may be approaching
GBP weakness can extend further, one way or another

North American Summary and Highlights 8 January

January 8, 2025 8:30 PM UTC

Overview - The USD was generally strong supported by Trump comments but the GBP was particularly weak. 

FX Daily Strategy: APAC, January 9th

January 8, 2025 4:14 PM UTC

Quietish day likely as US markets semi-closed due to day of mourning
JPY may react to Japanese wage data
EUR/USD still under pressure but limits of Trump trade may be approaching
GBP weakness can extend further, one way or another

Psychology for major markets January 8th

January 8, 2025 11:15 AM UTC

USD firm, EUR soft as data underlines US outperformance

Europe Summary and Highlights 8 January

January 8, 2025 11:01 AM UTC

The USD was generally firmer through the European morning, with EUR/USD losing around 35 pips to 1.0315, and USD/JPY gaining 25 pips to 158.30. 

FX Daily Strategy: N America, January 8th

January 8, 2025 10:05 AM UTC

ADP the focus but major reaction unlikely
Monthly CPI Unlikely To Change RBA's Mind But Trimmed Mean Might
BoJ Will Keep Crying for the Wolf
And Put a Lid on USD/JPY

IMM Commitment of Traders Reports w/e Dec 31st

January 8, 2025 9:49 AM UTC

Net short CAD position remains high, NZD shorts also extended

Asia Summary and Highlights 8 January

January 8, 2025 5:24 AM UTC

Australian November Monthly CPI 2.3% y/y 

North American Summary and Highlights 7 January

January 7, 2025 8:33 PM UTC

Overview - The USD bounced on a rise on US job openings. 

Psychology for major markets January 7th

January 7, 2025 7:55 PM UTC

USD lifted by higher job openings.

FX Daily Strategy: Asia, January 8th

January 7, 2025 7:45 PM UTC

Monthly CPI Unlikely To Change RBA's Mind
Labor Cash Earning May Keep BoJ on Their Toes
And Put a Lid on USD/JPY

FX Weekly Strategy (N America): January 6th-10th

January 7, 2025 10:51 AM UTC

USD remains firm going into US employment report
US data unlikely to provide a reason for a weaker USD…
…but recent USD strength starting to look overdone
Japanese cash earnings data may impact the JPY

Asia Summary and Highlights 7 January

January 7, 2025 5:09 AM UTC

Japan Fin Min Kato verbal intervenes to support the yen 

FX Weekly Strategy: January 6th-10th

January 7, 2025 5:06 AM UTC

USD remains firm going into US employment report
US data unlikely to provide a reason for a weaker USD…
…but recent USD strength starting to look overdone
Japanese cash earnings data may impact the JPY

FX Weekly Strategy: January 6th-10th

January 6, 2025 4:19 PM UTC

USD remains firm going into US employment report
US data unlikely to provide a reason for a weaker USD…
…but recent USD strength starting to look overdone
Japanese cash earnings data may impact the JPY

Europe Summary and Highlights 6 January

January 6, 2025 11:04 AM UTC

The USD lost ground against the riskier currencies but gained against the JPY through the European morning. 

Psychology for major markets January 6th

January 6, 2025 11:01 AM UTC

EUR rallying helped by solid equity markets

FX Weekly Strategy: January 6th-10th

January 6, 2025 9:37 AM UTC

USD remains firm going into US employment report
US data unlikely to provide a reason for a weaker USD…
…but recent USD strength starting to look overdone
Japanese cash earnings data may impact the JPY

Asia Summary and Highlights 6 January

January 6, 2025 5:06 AM UTC

Japan December final services PMI 50.9

FX Weekly Strategy: Europe, January 6th-10th

January 6, 2025 4:58 AM UTC

USD remains firm going into US employment report
US data unlikely to provide a reason for a weaker USD…
…but recent USD strength starting to look overdone
Japanese cash earnings data may impact the JPY

FX Weekly Strategy: Asia, January 6th-10th

January 5, 2025 10:00 PM UTC

USD remains firm going into US employment report
US data unlikely to provide a reason for a weaker USD…
…but recent USD strength starting to look overdone
Japanese cash earnings data may impact the JPY

FX Weekly Strategy: APAC, January 6th-10th

January 5, 2025 6:00 PM UTC

USD remains firm going into US employment report
US data unlikely to provide a reason for a weaker USD…
…but recent USD strength starting to look overdone
Japanese cash earnings data may impact the JPY

FX Weekly Strategy: January 6th-10th

January 3, 2025 4:33 PM UTC

USD remains firm going into US employment report
US data unlikely to provide a reason for a weaker USD…
…but recent USD strength starting to look overdone
Japanese cash earnings data may impact the JPY

Europe Summary and Highlights 3 January

January 3, 2025 10:55 AM UTC

USD/JPY gained around 20 pips to 157.35 in the European morning, but the USD was little changed against the EUR, GBP and AUD, while making small gains against the CAD and scandis.

Psychology for major markets January 3rd

January 3, 2025 10:52 AM UTC

USD remains generally firm

FX Daily Strategy: N America, January 3rd

January 3, 2025 10:12 AM UTC

USD to hold firm with support from ISM survey
JPY downside looks more limited with some verbal intervention from Japan
US curve steepening may not be a positive sign for the USD longer term
European data mildly EUR supportive