The Japanese Yen continues to strengthen, with the USD.JPY currency pair trading below ¥141, calling its long-term bullish trend into question.
- In the Forex market, the spotlight is on the USD/JPY currency pair as the Japanese Yen continues its multi-day streak of getting stronger, with the Yen the strongest major currency so far today and the US Dollar the weakest. USD/JPY is now trading well below ¥141 which calls into question the long-term bullish trend as the price now seems to have broken below a very pivotal area of support near that round number.
- The GBP/USD currency pair is also interesting today, as it continues to break to new long-term highs and exhibit bullish momentum. GBP/USD is now trading at a 15-month high close to $1.2900.
- Equity markets are higher on positive Chinese property prospects. Most global stock markets are trading higher, especially in Asia, where the Hang Seng Index is up by more than 1.25% on the day so far.
- Bitcoin remains below what seems to be a very pivotal round number at $31k, with the price action now looking more uncertain, suggesting that a bullish breakout may not be likely.
- Short-term US inflation expectations have fallen to a 2-year low, but there is still an extremely strong consensus expectation that the US Federal Reserve will be hiking rates by 25bps at its next policy meeting.
- The NASDAQ 100 Index will be rebalanced to reduce its very high level of concentration, with only 6 companies currently accounting for half the weighting.
- There will be a release of UK unemployment claims data later today.
- Early tomorrow the Reserve Bank of New Zealand will be holding a policy meeting, at which it is not expected to change its Official Rate.