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FOREX: JPY Edges Lower While GBP Looks Through Jobs Numbers

FOREX
  • JPY trades poorly on light volumes mid-European morning, however cross-buying via EUR/JPY and GBP/JPY has so far been capped by yesterday's highs.
  • GBP largely shrugged off a set of softer-than-expected jobs and wages numbers, with the details of the data providing little extra detail to change the trajectory of BoE policy, keeping a 25bps rate cut at the September meeting only an outside chance. Overall volumes are below average for this time of day. That will likely remain the case across the morning with a relatively light data schedule and primary focus on tomorrow's US inflation print - which provides the last look at inflation ahead of the FOMC meeting next week.
  • BoJ officials are reportedly seeing little need to raise rates further next week, according to Bloomberg sources. The piece writes that they're still "monitoring lingering volatility in financial markets and the impact of the July hike." JPY looked through the report as being largely inline with consensus, keeping higher stock markets and global yields
    they key driver.
  • CAD and AUD are the poorest performers so far Tuesday, however pullbacks remain shallow and conviction light ahead of the raft of risk events later this week, including the ECB rate decision, the US CPI print and the first Presidential debate held between candidates Trump and Harris. CB speakers later today include Fed's Barr and Bowman - however neither are expected to address the US economy or monetary policy.
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