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FOREX: USD/JPY Volatile, But Little Net Change, Ueda Doesn't Give Dec Hike Hints

FOREX
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The BBDXY USD index is down modestly, but up from session lows. We were last near 1285, only off 0.05% versus Friday NY closing levels. Lows were near 1283 earlier, while we aren't too far away from session highs. Highs from last week in the index remain intact (around 1290). 

  • USD/JPY has seen the largest degree of volatility today, more than a 100pip range. Early bias, ahead of BoJ Governor Ueda's speech was lower, but we found support at 153.80/85 and rebounded to 155.14 as Ueda spoke. We sit back near 154.45 in latest dealings, only down a touch in yen terms for the session.
  • The BoJ Governor spoke about further policy adjustments, if forecasts are realised, but didn't give a sense of urgency. This may mean a wait and see approach through the December meeting. The new year may provide more information around the 2025 wage outlook as well.
  • US yields are down slightly at the front end of the curve, but not displaying sharp shifts. US equity futures are up after cash losses in Friday US trade
  • AUD/USD is a touch higher, but has been range bound, last near 0.6465/70. It may be receiving modest support from higher commodity prices, with gold and iron ore up (the latter supported by firmer China steel production).
  • NZD/USD is down a little, last near 0.5860. We had second tier data outcomes earlier, with the services PMI remaining in contraction territory.
  • Later the Fed’s Goolsbee speaks and November NY Fed services and NAHB housing indices print. We also hear from the RBA's Kent. The ECB’s Lagarde, de Guindos, Lane and Buch also appear and euro area September trade data are out. BoE’s Greene speaks.
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The BBDXY USD index is down modestly, but up from session lows. We were last near 1285, only off 0.05% versus Friday NY closing levels. Lows were near 1283 earlier, while we aren't too far away from session highs. Highs from last week in the index remain intact (around 1290). 

  • USD/JPY has seen the largest degree of volatility today, more than a 100pip range. Early bias, ahead of BoJ Governor Ueda's speech was lower, but we found support at 153.80/85 and rebounded to 155.14 as Ueda spoke. We sit back near 154.45 in latest dealings, only down a touch in yen terms for the session.
  • The BoJ Governor spoke about further policy adjustments, if forecasts are realised, but didn't give a sense of urgency. This may mean a wait and see approach through the December meeting. The new year may provide more information around the 2025 wage outlook as well.
  • US yields are down slightly at the front end of the curve, but not displaying sharp shifts. US equity futures are up after cash losses in Friday US trade
  • AUD/USD is a touch higher, but has been range bound, last near 0.6465/70. It may be receiving modest support from higher commodity prices, with gold and iron ore up (the latter supported by firmer China steel production).
  • NZD/USD is down a little, last near 0.5860. We had second tier data outcomes earlier, with the services PMI remaining in contraction territory.
  • Later the Fed’s Goolsbee speaks and November NY Fed services and NAHB housing indices print. We also hear from the RBA's Kent. The ECB’s Lagarde, de Guindos, Lane and Buch also appear and euro area September trade data are out. BoE’s Greene speaks.