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Greenback Tad Softer With Market On NFP Watch

FOREX

Thursday's rally in the greenback lost steam in Asia and the currency lagged all its G10 peers. Headline flow failed to offer much in the way of notable catalysts, keeping most major FX pairs in tight ranges, with all eyes on much-awaited U.S. jobs data today.

  • The BBDXY snapped a two-day winning streak, even as Fed Governor Waller despite reinforcing the Fed’s commitment to fighting inflation during the NY-Asia crossover. The official noted that the Fed does "not face a tradeoff between our employment objective and our inflation objective, so monetary policy can and must be used aggressively to bring down inflation."
  • Spot USD/JPY ground lower, returning under the Y145.00 mark, seen as an informal threshold of heightened intervention risk. The pair last sits just shy of there at Y144.96. PM Kishida told parliament that rapid, one-sided JPY moves are not desirable, but was generally laconic on the matter. FinMin Suzuki admitted that the recent FX intervention contributed to the record slump in Japanese foreign reserves last month.
  • The Aussie dollar outperformed at the margin, with AUD/NZD extending yesterday's advance as a result.
  • Financial markets in mainland China remained shut due to a public holiday, but will re-open on Monday. Offshore yuan has gained ~0.6% versus the greenback this week, which reduces pressure on the PBOC amid its efforts to manage the redback's decline.
  • The U.S. NFP report provides the single focal point on Friday, after initial jobless claims rose more than forecast in the week through Oct 1.
  • German industrial output and Canadian unemployment will also cross the wires today, while Fed's Williams, Kashkari & Bostic will speak, as will BoE's Ramsden.
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Thursday's rally in the greenback lost steam in Asia and the currency lagged all its G10 peers. Headline flow failed to offer much in the way of notable catalysts, keeping most major FX pairs in tight ranges, with all eyes on much-awaited U.S. jobs data today.

  • The BBDXY snapped a two-day winning streak, even as Fed Governor Waller despite reinforcing the Fed’s commitment to fighting inflation during the NY-Asia crossover. The official noted that the Fed does "not face a tradeoff between our employment objective and our inflation objective, so monetary policy can and must be used aggressively to bring down inflation."
  • Spot USD/JPY ground lower, returning under the Y145.00 mark, seen as an informal threshold of heightened intervention risk. The pair last sits just shy of there at Y144.96. PM Kishida told parliament that rapid, one-sided JPY moves are not desirable, but was generally laconic on the matter. FinMin Suzuki admitted that the recent FX intervention contributed to the record slump in Japanese foreign reserves last month.
  • The Aussie dollar outperformed at the margin, with AUD/NZD extending yesterday's advance as a result.
  • Financial markets in mainland China remained shut due to a public holiday, but will re-open on Monday. Offshore yuan has gained ~0.6% versus the greenback this week, which reduces pressure on the PBOC amid its efforts to manage the redback's decline.
  • The U.S. NFP report provides the single focal point on Friday, after initial jobless claims rose more than forecast in the week through Oct 1.
  • German industrial output and Canadian unemployment will also cross the wires today, while Fed's Williams, Kashkari & Bostic will speak, as will BoE's Ramsden.