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Will the decline in cross-yen pairs take a breather?

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Will the decline in cross-yen pairs take a breather?

21.07.2021

Today's Highlights
  1. U.S. MBA Mortgage Applications Index
  2. UK Public Sector Net Debt

Yesterday, U.S. stock prices rebounded, leading to a market environment characterized by rising stock prices, higher interest rates, and a stronger U.S. dollar. The sharp decline in WTI crude oil has paused, and prices are currently hovering around $66.60. BTC/USD has fallen below $30,000 and is now trading in the $29,800 range. Meanwhile, the Teranet/National Bank Composite House Price Index for Canada, released yesterday, showed a month-over-month increase of 2.7%, marking the largest monthly gain on record.

The foreign exchange market has seen the overall trend of yen appreciation pause, and cross-yen pairs have stopped falling. The Canadian dollar/yen pair, in particular, has risen significantly, rebounding by about 130 pips from 85.4 to 86.7. Meanwhile, Oceania currencies have fallen again during today’s Asian trading session following an earlier rebound, with the Australian dollar/yen pair moving from 80.6 to 80.2.Similarly, the New Zealand dollar against the yen has fallen from 76.2 to 75.9 during today’s Asian trading session.

Today, the UK’s public sector net debt and Japan’s machine tool orders are scheduled for release at 3:00 PM Asia time; the US MBA Mortgage Applications Index at 8:00 PM Europe time; US weekly crude oil inventories at 11:30 PM US time; and the US 20-year Treasury auction at 2:00 AM US time. While keeping a close eye on the spread of the Delta variant and stock prices, we will carefully assess the relative strength of various currencies.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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