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JPY Off Lows as Japanese Authorities Reiterate Willingness to Act

FOREX
  • JPY tops the G10 table headed into the NY crossover, with several Japanese representatives stepping in to verbally defend the beleaguered JPY currency. The chief cabinet secretary Matsuno spoke most recently, reiterating the importance of currency rates moving stably to reflect fundamentals. Matsuno also stressed that sharp currency moves are undesirable, and the authorities are watching FX moves with a high sense of urgency, not ruling out any options to respond to market prices.
  • In response, USD/JPY faded off the overnight cycle high of 147.82, reverting back below the Y147.50 level.
  • Rates are expected unchanged at the Bank of Canada, with the board seen keeping policy unchanged at 5.00%. Markets watch USD/CAD, which continues to trade within range of multi-month highs at 1.3672. A break north of here puts the pair at the best levels since late March.
  • SEK is the poorest performer, keeping EUR/SEK within range of 11.9421, the week's highs and the bull trigger of 11.9633.
  • The ISM Services Index takes focus going forward, with markets expecting the data very moderately fade to 52.5 from 52.7. The next update to the Atlanta Fed GDPNow is also due, within which markets look for any further signs of near-term economic strength after yesterday's better-than-expected factory orders release.
  • The central bank speaker slate picks up Wednesday after a quieter start to the week, with ex-Fed's Bullard speaking as well as Fed's Logan & Collins, BoE's Bailey and ECB's Visco.
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