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Greenback Holds Onto Gains, USD/JPY Round Trips From Fresh Multi-Month High

FOREX

The DXY clung to its Wednesday's gains and operated close to multi-week highs, as participants assessed the condition of U.S. labour market in the interim between two back-to-back local jobs reports. Monthly ADP employment change topped expectations yesterday, ahead of the upcoming weekly jobless claims.

  • USD/JPY pierced resistance from Jun 24/30 highs of Y111.12 and rose to its highest point since Mar 2020, but then erased gains into the Tokyo fix. EUR/JPY slipped before the expiry of EUR1.2bn worth of options with strikes at Y131.25 at today's NY cut.
  • The PBOC set its central USD/CNY mid-point at CNY6.4709, 17 pips above sell-side estimate. USD/CNH ignored the fixing, but blipped higher after Caixin M'fing PMI marginally missed expectations.
  • NZD outperformed in G10 FX space as BBG Commodity Index extended gains, while ANZ upgraded their NZ labour market forecasts and reiterated their hawkish RBNZ rhetoric. The bank said that NZ jobs market is "rapidly approaching full employment."
  • CAD also traded on a firmer footing, while AUD lagged behind its commodity-tied peers, amid lingering concerns surrounding the local Covid-19 situation.
  • Focus turns to a slew of global PMI reports, U.S. initial jobless claims, Riksbank MonPol decision and comments from Fed's Bostic & BoE's Bailey as well as ECB's Lagarde & de Cos.
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