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Greenback Unchanged, JPY Moderately Firmer Ahead Of Ueda Hearing

FOREX
  • G10 currency markets made very minor adjustments on Thursday with the lack of meaningful data keeping volatility depressed. The most notable move has seen USDJPY reverse from intra-day highs of 135.56 to trade as low as 134.50 approaching the APAC crossover.
  • USDJPY only sits down 0.25% on the session, however, the yen bounce comes just hours before new Bank of Japan Governor nominee will make remarks in front of the Lower House’s steering committee. The hearing on the governor nomination will start at 0930 JST (0030 GMT).
  • Markets will be very attentive to his remarks, however, his views look likely to be a continuation of current easy policy for at least the short-term, having previously pushed back against the idea of swift policy tightening.
    • Vol band resistance in USDJPY is layered between 136.14 and 136.48 ahead of Fib retracements at 136.67. Firm support to watch remains much lower at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low - a break would resume the downtrend.
  • GBPUSD briefly slipped below the pre-services PMI level of 1.2016 and narrowed the gap with the week’s lows at 1.1987, however the late bounce for equities provided firm support for a bounce towards 1.2020 approaching the close.
  • EURUSD has held a tight range either side of the 1.0600 mark and will look for direction on Friday amid multiple US data points, most notably US Core PCE price index. Personal spending, new home sales and revised UMich sentiment figures will also all cross ahead of the weekend.
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