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JPY Claws Back Small Part of Losses

FOREX
  • JPY is toward the top-end of the G10 table, pulling back a small part of yesterday's acute post-BoJ losses. USD/JPY has faded around 50 pips from the new cycle high of 151.72, while EUR/JPY slips just over a point from yesterday's 160.85 on profit-taking and consolidation. The Japanese finance ministry stated that they "on standby" in currency markets, helping aide a recovery off lows for the currency.
  • The single currency is the poorest performer, with EUR/USD testing the uptrendline support drawn off the early October lows at 1.0550. This keeps the near-term outlook bearish, with weakness through that mark opening 1.0524 and below. All Saint's Day holidays across the continent have kept activity and markets muted so far Wednesday, with focus on the Fed decision and the US Treasury's Quarterly Refunding Announcement later today.
  • The greenback is strictly mid-table, with more stable European equities countered by a softer US equity picture. A lower open on Wall Street is expected later today, however losses are consolidative and muted at this point in time.
  • ADP Employment Change, JOLTS job openings and the ISM report for October are all set to cross, with the Fed chair due to give his post-decision press conference at 1830GMT/1230ET.
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