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JPY Stutters as Ueda Provides Few Fresh Clues

FOREX
  • The JPY is sliding against all others in G10, prompting USD/JPY to rise back toward the Y145.00 handle and further work against the sharp downtick posted on the Wednesday session last week. The BoJ decision disappointed markets by disclosing few new details on the bank's thinking on an exit from negative interest rate policy. After keeping policy unchanged, the press conference with BoJ's Ueda made no firm signals toward a shift across the first few quarters of 2024, helping bid USD/JPY well off the 200-dma of 142.63.
  • Meanwhile, EUR/USD trades just off a fresh session high, with generally healthy volumes if futures activity is anything to go by. EUR/USD's 1.0949 print matches the 50% retracement for the downleg from the Thursday high. Progress through here will be needed before 1.0981 intraday resistance comes into play. US yields likely to play the key role across Tuesday trade, as the backtrack in the USD on the day coincides with a modest retracement for US 10y yields.
  • While EUR trading well over the past hour or so, AUD and NZD remain the firmest performers in G10 as the positive equity futures performance and the resolute weakness in the JPY buoy antipodean currencies.
  • Despite EUR/USD holding close to the week's best levels, EUR/GBP remains below the equivalent mark, with 0.8647 marking the next nearby upside level.Focus in the coming session turns to the US housing starts and building permits releases, which come alongside the November CPI data from Canada. Central bank speakers include Fed's Barkin, Bostic and Goolsbee.
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