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USD Extends Strongest Run in 8 Months, Is that Yen Intervention?

USD Extends Strongest Run in 8 Months, Is that Yen Intervention?

John Kicklighter, Chief Strategist

Talking Points:

  • Dollar extends rally to its strongest 5-day run since late August - next move important for AUDUSD, GBPUSD
  • A strong Yen cross move has some speculating on stealth Japanese intervention
  • Emerging Markets are quickly rising as a catalyst for global risk trends with Brazil, China leading the way

See the standings in the Monthly FXCM Mini trading contest.

The Dollar has taken up the charge for the FX market to start the new trading week. That is remarkably considering the economic calendar for the Greenback lacks a high-profile anchor (like NFPs or FOMC) to latch on to. A fifth consecutive advanced for the currency is made more remarkable for its pace - the strongest run of this duration since late August after the Dollar responded to the global risk aversion move that month. The run is impressive, but there are few tangible footholds to keep the speculators on track. Whether a lack of concentrated motivation keeps the USD rising or not, will matter to key pairs including EURUSD, AUDUSD and GBPUSD that face important technical milestones. Meanwhile, the Yen crosses started off the week with a strong swell. The BoJ minutes, however, offered little to work with. Is this evidence of stealth intervention or evidence that BoJ and Ministry of Finance officials' 'jawboning' is working? Ahead, the docket is light with a few noteworthy items specifically from key Emerging Market players. How will that impact global conviction and pacing? We discuss that in today's Trading Video.

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