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Should We Be Wary of a Decline in Cross-Yen Rates?

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Should We Be Wary of a Decline in Cross-Yen Rates?

19.04.2021

Today's Highlights
  1. Canada: Housing Starts
  2. Cross-yen pairs opened with a slight downward gap

Last weekend saw a “risk-on” market characterized by rising stock prices, a weaker U.S. dollar, and lower interest rates. The German DAX, which posted the largest gain, closed at 15,459, up 1.34% from the previous day, setting a new all-time high.The U.S. market also saw a bullish trend, with both the Dow Jones Industrial Average and the S&P 500 hitting new record highs for consecutive days. As stock prices rose, the yield on the 10-year U.S. Treasury note fell to 1.56%.

In addition, the decline in Bitcoin, a cryptocurrency, has been particularly notable. BTC, which had briefly reached $70,000, fell below $60,000 to the $58,000 range. In the foreign exchange market, the U.S. dollar is showing signs of weakness; the USD/JPY pair has fallen to 108.4, and other yen crosses are also trending slightly lower.The euro/yen pair fell from 130.2, breaking below the key 130.00 level, and dropped to 129.7. The pound/yen pair fell from 150.5 to 150.0 during today’s Asian trading session.

Today, the Canadian housing starts data is scheduled to be released at 9:15 p.m.; other than that, no major economic indicators or statements by key figures are expected. Since prices can sometimes fluctuate significantly when there are no major economic releases, we will carefully monitor price movements while remaining vigilant for sudden changes in volatility.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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