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Further Relief for JPY Keeps EUR/JPY Off Highs

FOREX
  • AUD trades poorly, slipping slightly against most others in G10 on the back of the jobs data out overnight, showing the unemployment rate unexpectedly ticking higher to 4.1% vs. Exp. 3.9%. AUD/USD faded off a new cycle high of 0.6714 to trade just underwater ahead of the NY crossover. $0.6622 marks the next downside level at yesterday's low, but short-term trend conditions remain pointed higher for now.
  • JPY trades firmer, outpacing broader G10 as the gyrations in the front-end of the US yield curve on Wednesday continue to favour a further recovery in JPY. USD/JPY's solid bounce off post-intervention lows had put markets on cautious footing for further measures from the Japanese authorities. For now, however, yield dynamics are relieving some of this pressure, allowing for a broad bounce in the JPY currency.
  • Scandi currencies are softer after outperforming on the back of firmer risk sentiment this week. EUR/NOK has recovered off a new multi-week low, but remains below the 50-dma of 11.6551.
  • Focus for the remainder of Thursday trade turns to the US weekly jobless claims release, at which markets expect initial claims at +220k, a modest dip from +231k from the prior week. Fedspeak picks up across US hours, with appearances scheduled from Fed's Barr, Barkin, Harker, Mester and Bostic.
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