Negative Market Sentiment Today Sends Risk Assets Lower
The Asian and early European sessions were pretty calm today, as expected given the bank holiday weekend in the US. However, the USD has shown some resilience across the board, with considerable gains against risk assets such as commodity dollars.
JPY the Weakest Currency Today
The Japanese Yen on the other hand has been showing weakness since markets open in the Tokyo session, with USD/JPY surging from around 145 to 145.93, with bond rates remaining slightly higher in Europe. Early this morning, we opened a sell USD/JPY signal, but the climb continued, so we are reversing trade and are looking to buy this pair on a retrace lower.
Commodity Dollars Continue to Slide
The negative risk sentiment has had an impact on the Chinese Yuan as well, which is slightly lower today, affecting the sentiment in the antipodeans such as the AUD, the CAD and the NZD. AUD/USD is around 50 pips off the lows, trading around 0.6650s, while NZD/USD has suffered even more, losing nearly 80 pips and breaking below the 0.6200 level, which opens the door for further declines, with the first support at 0.6180.
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