FX Market Update – USDJPY breaks violently above 100, US 10‐year yields are up to 1.86% and currencies are weak leading into G7 meetings making the timing particularly interesting. Data releases have generally been weak in the last 12‐hours, with the exception of US data which has highlighted an improving employment backdrop. The USD is broadly stronger, with JPY down 1.1%, CHF down 1.0%, AUD & NZD down 0.8%, EUR, SEK, GBP, NOK all down 0.3% and CAD flat to yesterday’s close. Today’s risks are the G7 meetings and Fed Chair Bernanke, speaking at 9:30am EST on ‘monitoring finance’ with a Q&A.
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Scotiabank