Citibank lowers USD/JPY call to 103.00

Citibank is the next major bank to lower their forecast on the USD/JPY, with Citi analysts dropping their 6 to 12 month horizon on USD/JPY from 108.00 to 103.00.

Citing a global risk-off environment, Citi analysts are considering the Yen to be "very cheap" against the majority of its counterparts in the long-term, especially the Euro, and Citi will also be looking for declining US Treasury yields on a slowing global economy to help spur the trade further on.

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US Dollar Index: Further downside could see the index test the 55-day SMA at 96.40

The index retreats from recent YTD peaks and remains under further selling pressure on the generalized better tone in the risk-associated universe. The continuation of the downside mood carries the potential to drag the buck to, initially, the 55-day SMA at 96.42 ahead of the Fibo retracement of the September-December up move at 96.22. The constructive bias in DXY appears unchanged while above the 95.53/34 band, where coincide the key 200-day SMA and the short-term support line.

US Dollar Index News

AUD/USD clings to gains near 1-1/2 week tops, around mid-0.7100s

The AUD/USD pair built on the previous session's goodish bounce from sub-0.7100 level and climbed to 1-1/2 week tops during the Asian session on Monday.

AUD/USD News