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- FX Analysis – USD dips, USDJPY holds above 150, EURUSD rallies
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- FX Analysis – USD dips, USDJPY holds above 150, EURUSD rallies
News & AnalysisNews & AnalysisFX Analysis – USD dips, USDJPY holds above 150, EURUSD rallies
27 February 2024 By Lachlan MeakinUSD sold off on Monday with DXY failing to hold above 104 after finding some resistance at the 100 DAY SMA and dipping from a high of 104.20 to a low of 103.70 where the 200 Day SMA held as support. The move lower in USD came despite higher UST yields, which would normally support the USD.
EURUSD was supported by the weaker USD with EURUSD rising above its 100 Day SMA at 1.0814, the 200 Day SMA at 1.0826 and briefly above the 1.0850 level. There was little in the way of Euro data although ECB President Lagarde did speak where she stated the ECB is not there yet on inflation and noting wage pressures remain strong, supporting the EUR somewhat.
JPY was softer vs the USD keeping USDJPY above the short erm support at the psychological 150 level. Higher UST yields supporting the pair seeing it test resistance at the 2024 high of 150.8. JPY traders’ attention turning to Japanese inflation data today where the National Core CPI is expected to drop to 1.9% from the previous reading of 2.3%.
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