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USD Index Again Finds Support at 50-dma

FOREX
  • Currency markets are treading water early Friday, with a second UK public holiday and pre-NFP trade keeping volumes, liquidity and price action generally light. The greenback is modestly firmer, but gains are muted as the USD Index finds support again at the 50-dma (currently crossing at 101.65).
  • JPY is one of the poorer performers in FX space, with USD/JPY just through the overnight highs ahead of the NY crossover. Potential is seen for a continuation higher. Price remains above the 50-day EMA, at 126.49 today. This week's move higher signals the end of a recent corrective pullback and highlights the point that corrections in USDJPY are shallow - a bullish signal. The move higher signals scope for a climb towards the bull trigger at 131.35, May 9 high.
  • Nonfarm payrolls seen at 325k in May as the pace eases further from 428k in both March and April, down from the 600k in the prior six-month average but still twice the pace of the monthly gain through 2019. Inflation concerns clearly remain key though so it’s not the rate of jobs growth as much as labour market tightness that continues to matter.
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