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

Market Report

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, stock prices rebounded in the U.S. market, 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 for now, and prices are currently hovering around $66.60. BTC/USD has fallen below $30,000 and is now 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.

In the foreign exchange market, the overall trend of yen appreciation has paused, 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, after rebounding, fell again during today’s Asian trading session, with the AUD/JPY pair moving from 80.6 to 80.2. Similarly, the NZD/JPY pair fell from 76.2 to 75.9 during today’s Asian trading session.

Today, the following events are scheduled: at 15:00 during Asian trading hours, the UK’s public sector net debt and Japan’s machine tool orders; at 20:00 during European trading hours, the U.S. MBA Mortgage Applications Index; at 23:30 during U.S. trading hours, U.S. weekly crude oil inventories; and at 26:00, the U.S. 20-year Treasury auction.While keeping a close eye on the spread of the Delta variant and stock prices, we want to carefully assess the relative strength of various currencies.

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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