Narrow ranges have prevailed so far today in forex markets. EUR-USD has nudged above 1.1400, but the range has been less than 20 pips. USD-JPY has posted a narrow range so far, marked by 111.77 and 112.04, holding comfortably within the range seen on Friday. While USD-JPY’s fundamentals (yield differentials and the associated contrast between Fed and BoJ policy paths) remain supportive, periodic episodes of risk aversion has been an intermittent offsetting bearish force. In data today, Japanese September retail sales contracted by 0.2% m/m after rising by 0.9% m/m in the month prior.
Recent News
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