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USD/JPY Catches Bid In Repeat Of Post-NFP Reaction

FOREX

Demand for USD/JPY has emerged in early Asia hours, adding ~50 pips thus far and showing above last Friday's highs. Regional catch-up with post-NFP reaction seems as the likely driver, in the absence of fresh catalysts that could move the pair.

  • The greenback outperforms most of its G10 peers as a result, with BBDXY creeping higher from the off. U.S. Tsy yield curve has bear flattened a tad, extending its reaction to the expectation-beating jobs report released Friday.
  • Over the weekend, San Francisco Fed President Daly said that the FOMC is "far from done yet" in its efforts to curb inflation, while Governor Bowman urged colleagues to consider more outsized rate hikes.
  • The kiwi dollar is the only regional currency to trade unchanged versus the greenback, with participants awaiting the RBNZ's quarterly Survey of Expectations.
  • Japan's Eco Watchers Survey & New Zealand's inflation expectations headline the Asia-Pac data docket today. The central bank speaker slate is virtually empty.
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Demand for USD/JPY has emerged in early Asia hours, adding ~50 pips thus far and showing above last Friday's highs. Regional catch-up with post-NFP reaction seems as the likely driver, in the absence of fresh catalysts that could move the pair.

  • The greenback outperforms most of its G10 peers as a result, with BBDXY creeping higher from the off. U.S. Tsy yield curve has bear flattened a tad, extending its reaction to the expectation-beating jobs report released Friday.
  • Over the weekend, San Francisco Fed President Daly said that the FOMC is "far from done yet" in its efforts to curb inflation, while Governor Bowman urged colleagues to consider more outsized rate hikes.
  • The kiwi dollar is the only regional currency to trade unchanged versus the greenback, with participants awaiting the RBNZ's quarterly Survey of Expectations.
  • Japan's Eco Watchers Survey & New Zealand's inflation expectations headline the Asia-Pac data docket today. The central bank speaker slate is virtually empty.