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JPY Takes Heed of More Vocal Japanese Authorities

FOREX
  • JPY trades firmer against all others in G10, receiving an early boost this week on the back of comments from the Japanese Chief Cabinet Secretary Matsuno, who added to recent rhetoric and stressed that "it's important for FX to move stably" and that "Japanese authorities are closely watching FX moves with a high sense of urgency".
  • USD/JPY briefly showed at fresh daily lows on the back of the Matsuno headline, adding to the impetus after Kanda refused to rule out any options on the currency at the weekend. USD/JPY remains close to multi-month highs - last intervention phase was November 10th - as USDJPY traded in the 146.50s.
  • GBP trades slightly better, with markets keeping note of the Friday CFTC update. Data accurate as of the Tues 20th close showed the GBP net position rise sharply. Speculators added close to 40k contracts on net, tipping outright positioning to the most net long since H1 2018.
  • Lastly, the USD trades slightly weaker, with the USD Index seeing some very modest support from the 50-dma at 102.701.
  • Data releases are few and far between Monday, keeping focus on the central bank speaker slate. ECB's Lagarde speaks, formally beginning the Sintra proceeds as the ECB policy forum starts up this week.
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