The yen initially continued to strengthen during the session, with USD/JPY dropping to lows just under 146.60. The US 2 year yield hit its lowest since October last year, while on the yen side JGB yields held firm.
From Japan we had plenty of data and comments:
The upshot of all this is that after its early fall USD/JPY retraced back to briefly touch above 147.20. As I post its back straddling 147.00.
The US recession narrative took further hold, sending US equity indexes down once trade reopened on Globex. Like USD/JPY, we have had some recovery retrace.
EUR/USD had small gyrations only, net higher on the session. Italy is proposing a European guarantee scheme aimed at unlocking up to €200 billion. More fiscal stimulus.
AUD, CAD, NZD were all a littler more active, dipping early before also retracing.
From Australia today we had business confidence falling back back into negative territory in February. The survey also contains a measure of business conditions, which tends to be a more objective than the sentiment driven confidence measure. Conditions improved slightly higher.
While analyst notes from banks come and go, the one from Citi (via a Bloomberg report) today drew some attention. The bank downgraded US equities to neutral, while boosting Chinese equities to overweight. On the day the news of the note pretty much bottom-ticked US equity indices.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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