JPY: One of the few beneficiaries – ING

The shift to defensive FX positioning is helping the Japanese yen, ING's FX analyst Chris Turner notes.

A decisive break under 148.50/65 may require an equity sell-off

"Equally, the threat of a global trade war and what it means for growth prospects can see global interest rates edge closer towards the low rates in Japan - also a yen positive. Looking for the yen to outperform on the crosses now will be a popular view. Pairs like EUR/JPY, AUD/JPY and CAD/JPY will be expected to trade lower as activity currencies are priced lower."

"USD/JPY is a little more difficult. A decisive break under 148.50/65 may require an equity sell-off or a big downside miss to Friday's US job reports - which would see President Trump likely take more interest in a lower Fed policy rate."

Mar 4, 2025

GBP/USD: Can test the major resistance at 1.2730 – UOB Group

Pound Sterling (GBP) could test the major resistance at 1.2730 vs US Dollar (USD); a break of this level is not ruled out, but 1.2770 is unlikely to come into view.

DXY: Dragged lower by UST yields – OCBC

USD continued to trade lower, owing to the precipitous fall in UST yields and continued moderation in US exceptionalism. DXY was last at 106.27 levels.