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🔺🔻 Commodity FX Extend Moves From 100DMA: Cable FX Macro

**As seen in Macro Walk report 08/12/23, subscribe at

  • The spot valuation section in our Macro Walk report showed commodity FX reversing moves over the last month. The graph below shows the deviation between spot prices and their respective 100DMA in percentage terms. Antipodes are now among the most extended as NZD/USD is -3.3% away from its long-term moving average

  • However, moves have been more dramatic in yen pairs. USD/JPY and EUR/JPY now hold the largest deviation to their averages at 4.6% and 4.9%, respectively. Dollar-yen may have upside room as the spot-100DMA deviation is still below YTD highs of around 6.0%



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