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FOREX
FOREX: JPY still in a tailspin
- Wednesday's market rout of the JPY has held well early Thursday, with USD/JPY
rising further still and showing above Y112.00 for the first time since April
last year. The rally's continued with little rhyme or reason, as the pair has
now completely decoupled from other risk assets. Equities are flat-to-lower in
Europe and Treasury yields are slightly lower.
- UK retail sales drew some focus as the market still seeks hard data to
underpin stronger survey-led numbers. Retail sales were firmer than expected,
which gave only brief reprieve to a GBP/USD rate that remains weak.
- AUD and NZD are the poorest performers ahead of the NY crossover. The moves 
follow a modest deterioration in AUD jobs numbers, as the unemployment rate
unexpectedly edged higher as the economy shed part-time employment contracts.
AUD/USD renewed the 2020 downtrend, hitting the lowest levels since 2009 in the
process.
- Weekly jobless claims and Philly Fed numbers are the data highlight Thursday.
ECB's de Guindos is due to speak as well as Fed's Barkin.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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