GOLD: Dollar Strength Pushes Gold Lower

• The overnight range was 145.97 - 147.67, Asia opened close to the lows around 146.15.
• CNH/JPY is looking to break some pivotal support around 19.50/20.00.
• Should the PBOC let the CNH weaken to compensate for the tariffs, this move would accelerate and drag cross-JPY lower with it.
• President Trump is said to have spent the final hours before his tariffs were set to be implemented, lining up negotiations with key US allies.
• The Market is hoping for a sign of any of these actually being done and the details thereof in order to bring some much needed relief.
• The environment for the BOJ seems to be more challenging and due to their conservative approach there is now a risk that it will delay policy normalisation. 
• USD/JPY has seen its bounce back to 148.00 falter and has drifted lower as risk has closed poorly the market showing its disappointment at no deal being made yet.
• The fact that USD/JPY has not followed the move higher in US fields shows the market is more concerned with risk aversion and the potential move lower in JPY crosses.
• On the day expect sellers again back towards 147/148 with all eyes on CNH/JPY.
• Key pivotal support lies around 140.00, a break of this area would really set the cat amongst the pigeons and open a quick move back to the 1.25/1.30 area.
• Data : March Consumer Confidence Index, est. 34.8, prior 35.0, March Machine Tool Orders YoY, prior 3.5%.

USDJPY

Source: MNI - Market News/Bloomberg

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