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Rebound in USDJPY leading the move to a higher USD


USD index grids slightly higher with USD/JPY rebound leading the move. A higher US and Japan stocks driven some positive risk sentiment and favorable to YEN cross as well.

EUR consolidate above 1.23 handle and ECB seeing some sound economy and inflation trend to the target path to still support the currency. Overall, the upcoming risk event (Italian election and German SPD vote both at March 4) will be adding more cautious for market. But basing pattern remains intact on a bullish trend.

GBP still affected by the Brexit negotiation and a talk that EU have a 100 pages draft documents for UK on leaving procedures that might be different from Theresa May request which further reinforce the difficulties for matching. The said currency still slightly struggling with cross weakening and near term broad USD move will still play more impact for GBP. Today Powell first testimony will have some intraday impact and market watching closely the new Fed Chairman interest rate path view and Fed upcoming policy stance over the testimony. Also the Germany CPI, Eurozone confidence index, US Wholesale inventory, trade balance, durable goods order as well as stock/bond market move might have some intraday impact.


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