Sterling rises broadly today as UK Prime Minister Boris Johnson said he’s “hopeful” and “very optimistic ” to end pandemic restrictions on June 21, based on the “one-way road to freedom” roadmap unveiled yesterday. Canadian Dollar is Dollar is following as second strongest, with a little help from oil prices. Swiss Franc and Yen are currently the weakest for today, feeling the pressure from persistent strength in yield. Dollar’s decline slowed mildly, as markets await Fed Chair Jerome Powell’s testimony, with some attention on his comments on inflation and surging yields.

Technically, after breaching near term channel briefly, USD/JPY bends up wards and is now back above 105 handle. The pair’s reaction to Powell could help gauge the next move in reaction to Powell. In particular, a break of 104.40 support would confirm near term bearish reversal in USD/JPY and add to selling pressure elsewhere.

In Europe, currently, FTSE is down -0.07%. DAX is down -0.95%. CAC is up 0.03%. Germany 10-year yield is up 0.037 at -0.299. Earlier in Asia, Hong Kong HSI rose 1.03%. China Shanghai SSE dropped -0.17%. Singapore Strait Times rose 0.33%. Japan was on holiday.


Source: www.actionforex.com