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JPY Slides as Markets Contemplate Amamiya as Next BoJ Governor

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  • The USD is on the front foot early Monday, with markets adding to the post-payrolls gains to put the USD Index at the best levels since early January and within range of the next key level: the 50-dma at 103.71. Clearance here would be the first since Q1 2022.
  • JPY is comfortably the poorest performer following spurious reports in the Nikkei overnight that cited current BoJ deputy governor Amamiya as the name-in-the-frame to take over from Kuroda in a few months' time. Despite very swift denials from government spokespeople, markets have taken the prospect of an Amamiya adminstration as a signal of continuity for ultra-easy policy - resulting in USD/JPY testing solid resistance at 132.67.
  • The greenback is second only to the CHF, which is the firmest currency in G10 - gaining alongside a pullback for global equity markets. The benchmark EuroStoxx 50 is lower by close to 1.5% at pixel time.
  • Datapoints are few and far between Monday, with the central bank speaker slate similarly quiet. BoE's Pill is on the docket, but is not expected to cover anything outside of last week's monetary policy report.
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  • The USD is on the front foot early Monday, with markets adding to the post-payrolls gains to put the USD Index at the best levels since early January and within range of the next key level: the 50-dma at 103.71. Clearance here would be the first since Q1 2022.
  • JPY is comfortably the poorest performer following spurious reports in the Nikkei overnight that cited current BoJ deputy governor Amamiya as the name-in-the-frame to take over from Kuroda in a few months' time. Despite very swift denials from government spokespeople, markets have taken the prospect of an Amamiya adminstration as a signal of continuity for ultra-easy policy - resulting in USD/JPY testing solid resistance at 132.67.
  • The greenback is second only to the CHF, which is the firmest currency in G10 - gaining alongside a pullback for global equity markets. The benchmark EuroStoxx 50 is lower by close to 1.5% at pixel time.
  • Datapoints are few and far between Monday, with the central bank speaker slate similarly quiet. BoE's Pill is on the docket, but is not expected to cover anything outside of last week's monetary policy report.