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JPY Gains Despite MoF Comments

FOREX

JPY has continued to garner strength, with USD/JPY dropping to fresh multi-month lows, prompting Japanese Ministry of Finance to reiterate yesterday's message re: watching FX markets with a sense of urgency/importance of currency markets stability. USD/JPY had a brief look under Mar 13 low of Y104.51.

  • NZD underperforms its G10 peers, after the release of ANZ Consumer Confidence Survey. A marginal downtick in headline index added to concerns sparked by yesterday's Business Confidence reading that the post-lockdown recovery in sentiment may have run out of fuel.
  • KRW drew support from better than expected South Korean industrial output figures. USD/KRW showed at its lowest levels since mid-March, before trimming losses.
  • USD struggles, with month-end flows eyed. Broader liquidity may be limited by a market holiday in Singapore.
  • Malaysia, Indonesia and the Philippines are also off for Eid al-Adha today.
  • China's official PMIs, U.S. personal income/spending, Chicago PMI & U. of Mich. Survey, EZ & Canadian GDPs take focus from here.
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