Forex - Psychology/Strategy for major markets today

 17:43 (GMT) 13 Mar

  [Forex Strategy]

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Psychology/Strategy for major markets today (0101-JRZM-C01)

EUR/USD - Mild upside bias helped by weaker U.S. CPI and short positioning. Some better January data may also help but hard to see trigger for progress much above 1.13.

USD/JPY - 112 now established as a near-term top, helped by multiple S&P tops above 2800. Approach of BoJ meeting may moderate JPY strength, but further strength toward 110 seems likely if S&P shies away from recent tops.

EUR/GBP, GBP/USD - GBP strength after the defeat of May's deal looks overdone given the uncertainties about the length and conditions of a Brexit delay. Expect dips below 0.86 to be reversed.

DJIA, S&P - Tough for S&P to clear 2825, 2837 our technical line in the sand above that.

T-Bond - USTs can't quite give up range, but real money dip buying still looks in place and absolute levels of long end yields still proving alluring.

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