Yesterday’s support for the JPY saw it mark session lows of 103.55 against the USD, and by and large the JPY managed to preserve its gains – closing the session at 104.24. The USDJPY is currently trading at 104.39 this morning. The Yen saw some strong support yesterday after the BoJ held back from indulging into further stimulus.
GBP is taking a rebound after briefly touching lows 1.4012 in yesterday’s session, the GBPUSD had not seen these lows since last April. GBPUSD is currently at 1.4256. Tradertip’s envisaged higher levels materialised, with session highs of 1.4293 not far from the expected 1.4288.
Yesterday a British MP and advocate for Britain to stay within the EU was shot dead, this tragedy seems to have been interpreted as a dent in the support for the supporters of Brexit.
Even the euro has taken the cue from a weaker USD, the EURUSD is rebounding as well this morning and has gone past the expected resistance at 1.1244 as it currently trades 1.1255 but we may still be in for selling unless we breach 1.1377. to the downside Tradertip sees support at 1.1144/1.1062.
Meanwhile as can be inferred from the losses suffered against the GBP and the euro, the USD was overall weaker this morning – the US Dollar index is currently at 94.40.
The high impact data on today’s economic docket comes from Canada. We are expecting Canadian CPI to have nudged only slightly lower. Have a great weekend!
