The strongest to weakness of the major currencies
To start the last trading session in 2022, the JPY is the strongest of the major currencies while the GBP is the weakest. The USD is mixed.
The JPY has restarted its upward bias after correcting from the December 19 low. The price peaked near the swing lows from December 13 and 14th at the end of the day on Wednesday and into the early Asian session yesterday (see chart below). The USDJPY moved back below the 200 hour moving average and the 100 hour moving average (green and blue lines). Stay below is moving averages is more bearish. The momentum lower has intensified today.
USDJPY runs to the downside
US stocks are lower which is probably apropos given the sharp declines seen this year – especially the Nasdaq index which has tumbled over 33% this year. US yields are higher to start the day.
in the premarket for US stocks, the major indices are lower after yesterday’s sharp move higher:
In the European equity markets, the benchmark indices are lower. The German and UK markets are closed for the year.
The German DAX is down -12.35% in 2022 which is the worst performance since 2018 when the index fell -18.26%. The UK FTSE 100 bucked the trend, and closed higher by 0.91% in 2022. The UK FTSE 250 was not so lucky with a -19.5% decline – its worst since 2008.