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JPY creeps closer to YTD highs as investors...>

FOREX
FOREX: JPY creeps closer to YTD highs as investors eschew risk ahead of the
weekend
-European FX followed Asia in relatively risk-off trade with USD/JPY coming
within 40 pips of YTD (and 18 month) lows. Newsflow and datapoints have been
relatively light, with focus remaining on the political machinations of the
White House as rumours spread that Trump could axe his National Security Advisor
McMaster (although this was later denied).
-JPY gains have come at the cost of commodity-linked currencies, with AUD, NZD
and CAD dropping, while GBP and EUR have generally ebbed higher.
-Heavy supply in EUR/JPY dictated play early doors, pressing the rate down to
Y130.13 before recovering.
-Eyes now turn to the raft of US data, with housing starts/building permits,
industrial production and the Uni. of Michigan survey.

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