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Both Equities and Yen Crosses Retreat, Pound and Dollar Look Ahead

Both Equities and Yen Crosses Retreat, Pound and Dollar Look Ahead

2016-02-03 01:29:00
John Kicklighter, Chief Currency Strategist
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Talking Points:

• The BoJ's negative rate announcement lifted Yen crosses and perhaps equities; but the run seems to have stalled

• Service sector PMI surveys this session's theme, but market-moving potential limited

• Dollar and Pound primed and ready for central bank guidance to key trade opportunities in EURUSD, GBPUSD, more

What are the Traits of Successful Traders? See what our studies have found to be the most common pitfalls of retail FX traders.

Whether or not the Bank of Japan's introduction of negative rates lifted global equities alongside Yen crosses this past Friday, the buoyancy has passed for both. As an accommodative move, this falls well short of the ever escalating 'arms race' of current monetary policy that has established itself in the past years. I like fading the Yen pairs' reaction to the central bank's move, but this shouldn't be projected as an automatic transition into long-over due, full-scale risk unwinding. There is a considerable difference between positioning for a correction versus a trend. Meanwhile, considerable trade opportunities are shaping up in many Dollar and Pound based currency pairs. Yet, that potential means little without the proper motivation. Both will draw from monetary policy speculation and both have key milestones further ahead. It is therefore important to be patient and discerning with deciding any entry on these pairs. We look at markets moving now and those that are ready to run with the right push in today's Trading Video.

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