1 Minute Market Rundown – 6th September 2022

Truss Planning to Open the Cheque Book
ETH Bouncing, No One Told BTC
Cross YEN Surges

Yesterday was a quiet day with our American cousins sunning themselves on a day off. The result was markets that did not follow through on the sell off started in Asia. Overnight and this morning we have seen a bounce across the board as stocks rally a percent, Euro bounces back towards parity against the USD and the Pound rallies in tandem. Ethereum has rallied nicely but oddly BTC refuses to join the move at the time of writing. This will be an interesting barometer of broader sentiment in the short term as it is more insulated from the noise surrounding the ETH merge. We need to see a break back above 20,500 soon or the focus will undoubtedly shift towards 17,500 again.

The biggest mover this morning has been yen crosses. We have seen strong moves in EUR/JPY, GBP/JPY etc as USD/JPY has surged to 141.70 as I ramble on. I have spoken often of the fact that the long USD trade is hard to argue with but even I will not chase USD/JPY here. I am nervous that the BOJ will ratchet up its rhetoric against a weak yen and questions will eventually be asked around their policy path moving forwards.

On the day the calendar is light so I expect a quiet day in prospect. I don’t buy into the risk rally so will tactically look to fade the USD sell off and crypto rally.

Good luck all.

Richard Usher – Head of OTC Trading

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Richard Usher
Written by
Richard Usher

Richard Usher, our Head of OTC Trading, has spent nearly 30 years in the world of Banking specialising in Foreign Exchange (FX) trading before combining his knowledge of these markets with Crypto. Most recently Richard was Head of FX for Europe the Middle East and Africa at J.P.Morgan, following on from his role as Chief FX dealer at Royal Bank of Scotland.

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