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Sterling Slips, USD/JPY Heavy Near Y145

FOREX

Spot USD/JPY had a brief look below the Y145.00 as yesterday's breach of that figure puts the market on intervention watch (we may hear officials try to jawbone the yen away from these levels). The move below the aforementioned threshold was short-lived, but the pair remains heavy, testing Y145.00 again as we type. Limited headline flow keeps most G10 crosses in tight ranges.

  • The sterling remains fragile, lagging its major peers at the margin. The GBP is weighed on by the UK gov't's controversial fiscal plans and looming expiry of the BoE's gilt market backstop.
  • Financial markets in mainland China remain shut due to a public holiday, but will re-open on Monday.
  • The U.S. NFP report provides the single focal point on Friday, after initial jobless claims rose more than forecast in the week through Oct 1.
  • German industrial output and Canadian unemployment will also cross the wires today. Fed's Williams, Kashkari & Bostic will speak, as will BoE's Ramsden.
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