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​Majors Hold Close To Thursday Closing Levels, As Markets Await US NFP

FOREX

Not surprisingly, it has been a fairly muted start for FX markets today. USD/JPY has had a little over a 30 pip range, highs just above 131.90, versus lows at 131.60. We currently track in the 131.70/75 range, little changed from NY closing levels. Earlier data in terms of Feb labor nominal and real cash earnings was right in line with market expectations (+1.1% y/y for nominal, -2.6% for real). Feb Household spending was weaker than expected, +1.6% y/y, versus +4.8% forecast (prior was -0.3%).

  • Elsewhere NZD/USD is a touch firmer, but only to 0.6250. AUD/USD is close to 0.6675, little changed from NY closing levels. Other pairs are seeing tight ranges.
  • US equity futures opened lower, but there wasn't much follow through.
  • The main event risk is later, with the US non-farm payrolls print.
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