QUIET MARKETS; USDJPY LOOKS POISED FOR UPSIDE
• USD is quiet and mixed, with limited data today, expect quiet session.
• CAD is flat leading into housing starts. Risk is China’s export data.
• EUR is flat and still within last week’s range. Expect weakness ahead.
• GBP drops as disappointing data suggest the UK economy is struggling.
• USDJPY is flat, technicals suggest upside; we look for a test of 103.74.
• CNY is stable as it has been for a month after CPI released at 2.5%.
• CFTC weekly sentiment CoT data suggest market long USD, but vulnerable to building .
• Tomorrow: Bernanke & minutes
Read the full report: FX Daily
Scotiabank