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JPY Favoured, But USD/JPY Dips Deemed Corrective

FOREX
  • JPY is the firmest performer so far Thursday, rising against all others in G10 to drag USD/JPY away from 200-dma resistance at 137.47 and into negative territory ahead of the NY crossover. The Tuesday low at 135.55 marks next support and slippage through here opens 135.39 and below. For now, pullbacks are deemed corrective in nature, with the over-arching bull trend still intact.
  • The greenback is edging lower, however dips are minor at this stage given the 1.7% rally off the lows on Tuesday.
  • Elsewhere, the NOK continues to hold almost the entirety of the post-Powell losses against the USD, with the currency among the weakest across G10. USD/NOK's print yesterday at 10.7223 was the highest since mid-October last year, and comes despite continued re-pricing for the Norges Bank rate hike expectation, evident in the upside pressure across NOK FRAs over the past fortnight.
  • The weekly US jobless claims release is the data highlight Thursday, providing the last glimpse at the labour market ahead of Friday's Nonfarm Payrolls release. The speaker slate is busier, however few appearances are expected to directly address monetary policy. Fed's Barr appears to talk Crypto, while ECB's Vujcic is set to speak on Croation inflation.
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