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JPY: USD/JPY Off Post Payroll Highs, Earnings/Household Spending Data Today

JPY
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USD/JPY tracked a touch lower post the Asia close on Monday, getting under 148.00 in US trade. The pair tracks at 148.15/20 in early Tuesday dealings. Yen was an outperformer (along with CHF) for Monday's session up 0.35%. For USD/JPY earlier Monday highs were at 149.13, while the Aug 15 high is at 149.39. Initial firm support is 144.61, the 20-day EMA. 

  • Broader USD indices were closed to unchanged for Monday's session, the BBDXY holding near 1238.7, close to highs since mid August.
  • US yields continued to recover, particularly at the short end, the 2yr back close to 4.00%, amid carry over from Friday's payrolls beat. Projected rate cuts into December/early January continued to decline, November 25bp cut less than 100% priced in, 50bp in cuts by December less than 100% priced in.
  • This benefited the USD against the likes of AUD and NZD, but yen likely received some support from weaker US equity sentiment. The SPX fell nearly 1%, the Nasdaq slightly more in percentage terms. AUD/JPY is off recent highs, back near 100.10/15, right on the simple 200-day MA.
  • Locally today we have a busy data calendar. Focus will be on the Aug wage prints. Momentum in y/y terms is forecast to have waned versus the July outcome, with real earnings back into negative territory. Household spending is also out, along with BoP, trade figures. later on the Eco watchers survey prints. 
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USD/JPY tracked a touch lower post the Asia close on Monday, getting under 148.00 in US trade. The pair tracks at 148.15/20 in early Tuesday dealings. Yen was an outperformer (along with CHF) for Monday's session up 0.35%. For USD/JPY earlier Monday highs were at 149.13, while the Aug 15 high is at 149.39. Initial firm support is 144.61, the 20-day EMA. 

  • Broader USD indices were closed to unchanged for Monday's session, the BBDXY holding near 1238.7, close to highs since mid August.
  • US yields continued to recover, particularly at the short end, the 2yr back close to 4.00%, amid carry over from Friday's payrolls beat. Projected rate cuts into December/early January continued to decline, November 25bp cut less than 100% priced in, 50bp in cuts by December less than 100% priced in.
  • This benefited the USD against the likes of AUD and NZD, but yen likely received some support from weaker US equity sentiment. The SPX fell nearly 1%, the Nasdaq slightly more in percentage terms. AUD/JPY is off recent highs, back near 100.10/15, right on the simple 200-day MA.
  • Locally today we have a busy data calendar. Focus will be on the Aug wage prints. Momentum in y/y terms is forecast to have waned versus the July outcome, with real earnings back into negative territory. Household spending is also out, along with BoP, trade figures. later on the Eco watchers survey prints.