USD Trading Outlook (23-04-2015)

EUR/USD
• Soft USD in Europe sees 1.0800 breached, gains fade into NY open
• Recovery for USD begins slide, rally in US yields accelerates it
• Pair tests 1.0700/10 zone, bears can’t push further and bounce ensues
• Rally in German bond yields aids lift to 1.0745/50 area
• Pair near 1.0740 late in the day, choppy mkt to persist
• No major EZ or US data/event risk to drive pair until Friday

USD/JPY
• USDJPY up only modestly despite Nikkei outperformance
• Stock futures higher by 0.65%; accelerates above 20k
• USDJPY languishing mid-range; price action poor given Nikkei
• Run at 120.00 fails; 40dma res at 120.04

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