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FOREX: Yen Trims Weekly Losses Ahead Of US NFP

FOREX
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USD/JPY gains for the week have been pared as the first part of Friday's session unfolds. Otherwise G10 FX moves have been quite muted, as we await the US payrolls print later. The USD BBDXY index sits down a touch, last near 1232.2. 

  • The BBDXY index is still close to recent highs and up over 1% for the week, which at this stage is the best weekly gain since April. A host of factors have aided the USD - better data outcomes, more hawkish Powell rhetoric and flight to safety amid Mid-east tensions. The next litmus test will be the NFP print later.
  • For USD/JPY we are off 0.50%, last near 146.20. Yen is still down  around 2.75% for the past week. Japanese government efforts to show the new PM and BOJ are aligned (after yen slumped earlier in the week on dovish comments from new PM Ishiba) has likely helped JPY at the margins. We have also had an ex BoJ board member note the central bank will continue to seek timing around raising rates. the new government also plans further support for households under cost of living pressures.
  • CHF is also firmer, up 0.20%, but cross asset signals in the equity space have mostly been against safe havens, with firmer gains in the region and US futures a touch higher. US yields are down a touch.
  • AUD/USD is a touch higher, but still under 0.6850 at this stage. NZD/USD is steady near 0.6210. The market bias appears to be play AUD/NZD from the long side as we approach next week's RBNZ meeting. The cross sits at 1.1020/25, highs back to mid August.
  • Looking ahead, the US NFP will be the main focus. 
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USD/JPY gains for the week have been pared as the first part of Friday's session unfolds. Otherwise G10 FX moves have been quite muted, as we await the US payrolls print later. The USD BBDXY index sits down a touch, last near 1232.2. 

  • The BBDXY index is still close to recent highs and up over 1% for the week, which at this stage is the best weekly gain since April. A host of factors have aided the USD - better data outcomes, more hawkish Powell rhetoric and flight to safety amid Mid-east tensions. The next litmus test will be the NFP print later.
  • For USD/JPY we are off 0.50%, last near 146.20. Yen is still down  around 2.75% for the past week. Japanese government efforts to show the new PM and BOJ are aligned (after yen slumped earlier in the week on dovish comments from new PM Ishiba) has likely helped JPY at the margins. We have also had an ex BoJ board member note the central bank will continue to seek timing around raising rates. the new government also plans further support for households under cost of living pressures.
  • CHF is also firmer, up 0.20%, but cross asset signals in the equity space have mostly been against safe havens, with firmer gains in the region and US futures a touch higher. US yields are down a touch.
  • AUD/USD is a touch higher, but still under 0.6850 at this stage. NZD/USD is steady near 0.6210. The market bias appears to be play AUD/NZD from the long side as we approach next week's RBNZ meeting. The cross sits at 1.1020/25, highs back to mid August.
  • Looking ahead, the US NFP will be the main focus.