Yen continues to firm as AUD/JPY falls to a new low for the week

News

The weak US retail sales number has added to the negative tone in markets.

The main beneficiary is the yen, which is at session highs across the board. With the latest move, AUD/JPY is now down 1.2% — or 99 pips — and has cut through Monday’s low to the worst level since December 21.

AUD/JPY has fallen through the 100-day moving average for the first time in 2022.

This pair is a good proxy for overall risk sentiment. Several yen crosses have hit new weekly lows and they look vulnerable as the market re-focuses on omicron, particularly in China.

With earnings season starting now, I fear we will see waves of corporate warnings about the hit from the virus and/or soft demand in Q1.

S&P 500 futures are down 40 points.

Articles You May Like

Yen and Franc in Spotlights Again as Earnings Shook Markets
Powerful Forex Trading Strategy | Sinhala
Markets to End With a Pessimistic Tone, Swiss Fran and Yen Firm
Asian Stock Market: Bears keep reins despite US-China yields spread shrinks to three-year low
American Airlines posts slightly higher revenue, narrower loss than expected