There is no trade call for the session. Ahead we have Industrial Production from the UK, of which the manufacturing component will be watched closely.
Current Sentiment:
Early in the Asia-Pacific session, Fed Chair Yellen spoke. She did not provide any surprises to the market and generally reiterated comments that had already been made.
The Japanese Current Account beat estimates at 1.73T. USDJPY has bounced off NY session lows at 108.66 and has rallied 130 pips to find resistance at the 109 handle. The move to the downside was overdone and retracement higher was due. Direction from here will mainly be a function of risk sentiment. Yesterday’s moves in yen and stocks were mainly caused by downgraded global growth forecasts.
WTI has rallied back up to Wednesday’s highs, helping commodity currencies bounce off lows. AUDJPY is up 150 pips from NY session lows.
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