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USD/JPY Falters Again on Approach to Y150

FOREX
  • UK retail sales data came in soft relative to expectations, with headline Y/Y at -1.0% vs. Exp. -0.2%, helping GBP ease further off overnight highs and retain a bearish theme in the short-term. Thursday's lows provide initial support at 1.2090, and slippage through here would open the lowest levels since early October and the bear trigger of 1.2037.
  • Elsewhere, USD/JPY made further progress toward Y150, printing a high at Y149.99 before aggressively retreating to touch daily lows of 149.69. The pullback proved short-lived as spot swiftly recovered to trade back above Y149.95 after a few minutes.
  • The price action not driven by headline flow, more likely standing offers at the handle as markets remain cautious about potential Japanese intervention in the pair. The accompanying volume surge in JPY futures on the move (around 7,500 contracts changed hands inside 60 seconds, cash equivalent of approx $630mln) was considerably smaller relative to the move on Oct 3rd, which saw over twice the volume over the same period of time.
  • CAD and USD trade toward the top-end of the G10 table early Friday, with AUD and NZD among the weakest. This reinforces the low growth, high inflation theme pervading across markets, as steepening global curves and the higher oil prices reinforce expectations of economic weakness ahead.
  • Focus during US hours turns to Canadian retail sales and appearances from Fed's Harker and Mester - who make the last appearances for the FOMC before the Fed's media blackout period.
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