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Greenback Sits Firmer on NFP Follow Through

FOREX
  • The greenback sits firmer through Asia trade and the European morning after the better-than-expected Nonfarm Payrolls release on Friday. USD/JPY trades back above the Y140.00 handle and within range of the cycle high posted last week at 140.93.
  • SEK sits at the other end of the G10 table, weaker against all others following May services and composite PMI, which fell short of expectations and signalled a bumpy recovery for activity from the 2023 low. EUR/SEK is through the Friday high, facing next resistance at 11.6641.
  • Outside of G10, TRY has slipped to another cycle low against the USD following confirmation of Mehmet Simsek as the new Turkish economy minister. Markets may be speculated that the more orthodox approach to markets could translate to less official intervention in the exchange rate - and a slower drawdown of FX reserves.
  • With markets now inside the Fed's media blackout period, central bank speak focus turns to the ECB, with Lagarde and Nagel both set to speak Monday. Mester will appear, but only delivering brief introductory remarks - not on monetary policy.
  • The ISM Services release is the data highlight, with markets expecting activity to rise to 52.4 from 51.9 previously - although markets may be gearing for a weaker release given the poorer-than-expected MNI Chicago PMI and ISM manufacturing.
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