Forex - Psychology/Strategy for major markets today


 19:36 (GMT) 21 Feb

  [Forex Strategy]

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

EUR/USD - EUR holding steady as net stronger PMIs balance Fed minutes. Risks biased slightly to the upside but still hard to see a break above 1.14 without much better data or positive Brexit developments.

USD/JPY - Kuroda comments suggest easing only if JPY strengthens, so should not be viewed as negative for the JPY. But as long as equities do well, a break below 110 will be hard to achieve. Yield spreads suggest downside risks.

EUR/GBP, GBP/USD - GBP still firm helped by better Brexit outlook focused on hopes of a "no deal" being ruled out in the Feb 27 Brexit debate.

DJIA, S&P - Cautious response to talk of progress in US-China talks though quieter data calendar may allow some optimism to build ahead of the weekend.

T-Bond - USTs still lean away from yield range lows after Minutes 'disappointment' & talk of US-China trade accords work. Supply also coming up. So far only swinging within recent ranges though.


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