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Another day and another hit on the USD, as the post Yellen correction continues and shows little sign of relenting. That said, gains have been a little more staggered, with JPY gains stalling. Spot JPY has seemingly found some support in the mid 107.00’s, and while we cannot rule out another test lower, cross/JPY rates are now pushing higher in line with their respective spot rates to suggest a near term low is not too far off. Equity markets have found some support after Friday’s turnaround on Wall Street, so this is likely fending off any fresh JPY surge. There has been little news or data to spark this latest bout of USD selling, but led by a Cable surge through 1.4150 and 1.4170 levels, GBP has now tested the upper 1.4200’s, with the EUR challenging the 1.1453 peak from last week. Oil prices have recovered in line with lower Oil, so USD/CAD has been pressed through 1.2900, but reluctantly so as yet. Following the broader moves, AUD is now comfortably back above .7600 again, while NZD/USD is trading through .6850. Looking at the USD index, we noted support at 93.80, but this has since given way to suggest a deeper move into the low 93.00’s – 92.62 the next key level of note here.
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