- USD/JPY holding in firmly bullish territories, awaiting next round of positive news.
- China’s National Health Commission said the number of new, confirmed coronavirus cases fell to 2,478 from 3,062 a day earlier.
- Federal Reserve's Chair, Jerome Powell, sounded positive in his semi-annual testimony to Congress.
USD/JPY ranged between 109.75 and 109.95, as the defensive yen was underperforming in a risk-on environment on Wall Street. At the time of writing, USD/JPY is stuck in a tight range between 109.76 and 109.88.
Markets await the next round of catalysts in economic data and a cautiously optimistic Federal Reserve chair Jerome Powell who continues his semi-annual congressional testimony, appearing before the Senate Banking Committee later today in New York.
A better risk sentiment on Wall Street
It was a better risk sentiment overnight since China’s National Health Commission said the number of new, confirmed coronavirus cases fell to 2,478 from 3,062 a day earlier, bringing the total to 42,638 on the mainland, including some of whom have since recovered and been released from treatment.
As a result, Wall Street rallied and US 2-year treasury yields rose from 1.40% to 1.42%, 10-year yields from 1.57% to 1.59%, lifting the US dollar and sending the yen and risk asset classes such as gold a touch lower. The S&P 500 and Nasdaq Composite each posting a record finish and the Dow Jones Industrial Average was virtually unchanged.
Such news has lifted risk appetite and sentiment in global financial and commodity markets (copper +0.97%, CRB index +0.44% time of writing) as it is signifying that the Chinese are making progress in combatting and containing the virus.
Meanwhile, Federal Reserve's Chair, Jerome Powell, sounded positive but had a cautious tone in his semi-annual testimony to Congress, although there were enough upbeat assessments in his tone to support optimism on Wall Street:
"The FOMC believes that the current stance of monetary policy will support continued economic growth, a strong labour market, and inflation returning to the Committee's symmetric 2 percent objective. As long as incoming information about the economy remains broadly consistent with this outlook, the current stance of monetary policy will likely remain appropriate".
|Today last price||109.85|
|Today Daily Change||0.07|
|Today Daily Change %||0.06|
|Today daily open||109.78|
|Previous Daily High||109.97|
|Previous Daily Low||109.73|
|Previous Weekly High||110.02|
|Previous Weekly Low||108.32|
|Previous Monthly High||110.29|
|Previous Monthly Low||107.65|
|Daily Fibonacci 38.2%||109.87|
|Daily Fibonacci 61.8%||109.82|
|Daily Pivot Point S1||109.68|
|Daily Pivot Point S2||109.59|
|Daily Pivot Point S3||109.44|
|Daily Pivot Point R1||109.92|
|Daily Pivot Point R2||110.06|
|Daily Pivot Point R3||110.16|
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