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USDJPY Bounces Ahead of Key Data
Risk aversion has put the US dollar back on track at the expense of risk-sensitive assets, for now. Short side’s profit takings ahead of this week’s string of data have likely contributed to the rebound. Both national output and employment figures could help stabilize the currency if they show signs of improvement.
However, it would be too soon to call the bottom as a new trillion-dollar stimulus package might hit the shelf in the coming weeks. This would mean that a rally could run into stronger selling interests.
106.50 is a critical resistance level and a failure to break out would lead the price towards 103.00.
AUDCHF Sinks as Sentiment Turns Sour
When Europe sneezes, the Aussie catches a cold. New COVID-related restrictions across Europe are reminiscent of the broad sell-off just six months ago. Falling commodity prices can only add pressure to Australia’s export economy.
The currency could see a reversal to the downside if speculations run wild...
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