UsdJpy ended 106.61 in New York managed to print 106.66 then slipped back to 106.41 at the Tokyo open. Profit taking was mentioned however our rates trader Pawan said there is a talk of BoJ reducing Rinban today and that prompted the selling. Small Tokyo fix demand and BoJ Rinban unchanged. UsdJpy offers are still mentioned above (same as last week) 106.90 up to 107.20 rather thick I hear.
AudUsd jumped to 0.7695 following a strong Feb retail sales. Sales jumped 0.6% as supposed to estimates +0.5%, furthermore Jan’s revision up 0.2% from +0.1%. Building approvals were weak then again, this is a volatile data. Hearsay orders are rather distant, bids surround 0.7640 and offers 0.7750.
EurUsd did little this morning – tried to advance but struggled. Intraday support at 1.2250-53, the better one at 1.2235. Fresh offers should surround 1.2300.
UsdCad continue to slip during Asia morning, we saw platform names hitting bids near 1.2790. In my note yesterday, Patrick Bennett likes a lower EurCad. We have broken 1.5850 and Pat targets 1.55.
CNH points across the curve are very offered this morning. Cheaper points enticed buying of USDCNH, which has popped up above 6.28.
UsdKrw opened near the day’s low 1054.5. While downward momentum is still intact, especially with move in JpyKrw, market participants are still wary of the verbal warning from the central bank. UsdKrw moved to 1058.3, traders eyeing 1060.