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Kuroda Doesn't See Risk to JPY From Fed Policy

FOREX
  • JPY takes the early lead in G10 currencies after a generally subdued overnight session, after comments from BoJ governor Kuroda livened up the currency. Kuroda opined that a tightening Federal Reserve would not necessarily translate into a weaker JPY, with a number of other global factors also a determinate in FX rates. The governor defended the bank's exit strategy, stating that the bank would manage the course effectively - possibly surprising markets that aren't considering an exit from easy policy in Japan any time soon.
  • In response, markets sold USD/JPY through the Y127.00 handle, putting the pair at 126.55 and nearer key support of the 50-dma at 126.39 as well as the May 24 low at 126.36.
  • Elsewhere, trading is far more muted, with the greenback and EUR posting furtive early gains, but respecting recent ranges more broadly. Focus remains on recent tumult in equity markets, with front-end implied vols across DM and EM currencies still elevated.
  • Weekly jobless claims data alongside the secondary reading for US Q1 GDP is the data highlight Thursday, with Canadian retail sales also due. Fed's Brainard, Daly and ECB's Centeno make up the central bank speaker slate.
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