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USD/JPY Extends Gains as Markets Eye Payrolls

FOREX
  • JPY is fading against most others in G10, helping USD/JPY print a fourth consecutive session of higher highs and narrow the gap with the 200-dma at 136.48. The downside in the JPY continues to showcase the lack of correlation between risk appetite and the currency, with equities remaining mixed and the e-mini S&P holding close to the week's lows.
  • The greenback is at the other end of the table, holding firm against all others in G10 and helping tip the USD Index to the best levels of the year. USD strength is particularly evident against GBP/USD, which has ended the consolidation phase and made a further move lower Friday. 1.1819, the Nov22 low, marks first support, but levels look stronger into the 38.2% retracement for the Sep-Dec upleg as well as the 100-dma at 1.1667.
  • NFP takes focus going forward, with markets looking for additional labour market clues ahead of the February FOMC decision. Consensus looks for 202k jobs to be added this month, but the whisper number sits higher at +244k. The Canadian jobs report is also due, as well as the ISM Services index for December.
  • Central bank speak picks up, with ECB's Centeno & Lane scheduled as well as Fed's Bostic, Cook, Barkin and George also up.
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