USD/JPY bulls move in on the 131´s as US Dollar firms – by fx_ross USDJPY Technical Analysis Currencies
There is a jittey mood in markets due to the banking crisis. is up 0.1% on the day and has traveled between 130.49 and 131.05 so far while the mood remains jittery after shares in Deutsche Bank fell 8.5% on Friday. Investors are depending on the authorities to ring-fence the banking sector while depositors have already been fleeing smaller banks as seen in the flows to money market funds.
Banking stocks plunged in Europe with heavyweights Deutsche Bank and UBS Group pummelled by concerns that we are seeing the worst implications for financial markets since 2008 financial crisis. Consequently, the US Dollar, DXY, rose by over 0.5% to 103.35. Nevertheless, the safe-haven Japanese yen touched a seven-week low of 129.65 last week.
In this regard, the US PCE price inflation data will be key and it is expected to slow down from a robust 0.6% MoM in Jan to a still-strong 0.4% in February , as analysts at TD Securities said. ´´ The YoY rate likely rose a tenth to 4.8%, suggesting the path to normalization in price gains will be bumpy. Conversely, personal spending likely fell, but that would follow an eye-popping 1.8% surge in the prior month.´´
As for Fed speakers, we will have the Fed´s Governor Philip Jefferson later on Monday, while Fed Vice Chair for Supervision Michael Barr testifies on "Bank Oversight" before the Senate on Tuesday.
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