EUR: Broader base buying
- Broader base buying in the EUR, at session high against CHF, AUD, CAD, GBP, NOK.
- The EUR is up versus most G10s, still down against the SEK (on Swedish inflation beat), and the Kiwi, while flat with the Yen.
- EURUSD, small resistance moves down to 1.0933.
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JPY: USD/JPY Lower In European Dealing
The downtick in U.S. Tsy yields flagged elsewhere comes as the weakness in Hong Kong & Chinese equities spills over into European & U.S. Counterparts. This has supported the JPY in early London trade, with USD/JPY snapping back below Y118.00 after printing as high as Y118.45 overnight. The rate has printed as low as Y117.85, and last sits a little over 20 pips cheaper on the day at typing, just below Y118.00. Initial support for USD/JPY comes in at the Mar 14 low (Y117.25). Note that there isn’t anything in the way of nearby FX option expiries to be aware of at today’s 10AM NY cut.
US TSYS: Latest Leg Lower In Chinese & HK Stocks Provides Support
TYM2 has run higher in recent dealing given the weakness observed in Hong Kong & Chinese equities ahead of the mainland close in China. The contract has pushed to fresh session highs, last dealing +0-07 at 125-01. Cash Tsys run 3-4bp richer, bull steepening at the margin, with 2s leading the bid.
AUDUSD TECHS: Bear Leg Extends
- RES 4: 0.7532 High Nov 2, 2021
- RES 3: 0.7441 High Mar 7 and the bull trigger
- RES 2: 0.7368 High Mar 10
- RES 1: 0.7245/7301 Low Mar 8 / High Mar 14
- PRICE: 0.7182 @ 07:12 GMT Mar 15
- SUP 1: 0.7149 61.8% retracement of the Jan 28 - Mar 7 upleg
- SUP 2: 0.7095 Low Feb 24 and a key support
- SUP 3: 0.7080 76.4% retracement of the Jan 28 - Mar 7 upleg
- SUP 4: 0.7052 Low Feb 4
AUDUSD is trading lower today as the pair extends the pullback from 0.7441, the Mar 7 high. The continuation lower suggests potential for a deeper correction and this means the price pattern on Mar 7 - a bearish shooting star candle - is still in play. The 50-day EMA has been cleared, reinforcing current conditions. This has opened 0.7095, the Feb 24 low. Initial resistance is seen at 0.7245, the Mar 8 low.
