BRIEF: EC Approves Italy's 5th NGEU Payment Request For EUR11 billion

MNI BRIEF: ECB's Eye On French Markets, Price Stability Key

MNI BRIEF: Lower Inflation Path Remains Bumpy - Lagarde

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

MNI BRIEF: China Aims For AI Standards By 2026

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: 2.60% Aug-34 Bund Due Wednesday

Ita-coin Nowcast Negative For Second Month

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/JPY Near 157.00 Ahead Of BoJ, EUR/JPY Lower On EU Asset Weakness

JPY
Homepagemarkets-real-timeBulletMarketsForeign Exchange BulletsBank of Japan (BOJ) Market News

USD/JPY tracks around 157.00 in early Friday trade. The yen lost a modest 0.20% for Thursday's session, outperforming most of the G10 particularly EU related currencies. Euro area assets were under pressure amid on-going political concerns. USD/JPY did see a brief dip to just under 156.60 post US misses (PPI and initial jobless claims) but we quickly reversed higher.

  • All focus today will be on the BoJ decision. Focus rests on potential curbs to the BoJ bond buying program, with other policy parameters seen unchanged (see our preview here). Regardless of the decision at this week’s meeting, we expect the BoJ to proceed cautiously and gradually in both hiking the policy rate and adjusting JGB purchases.
  • We also have the April tertiary activity index out today, along with the final April Industrial production read.
  • Broader tech levels for USD/JPY remain unchanged. Upside focus is on 157.71, the May 29 high. The 50-day EMA is just above 155.00 on the downside.
  • EUR/JPY mostly tracked lower through Thursday trade after the Asia close. We got to just under 168.30, which also coincided with lows earlier in the week. We are slightly higher now, last around 168.60 (after the pair fell 0.50% for Thursday's session).
  • In the option expiry space, note the following for NY cut later: Y154.00($1.1bln).
214 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

USD/JPY tracks around 157.00 in early Friday trade. The yen lost a modest 0.20% for Thursday's session, outperforming most of the G10 particularly EU related currencies. Euro area assets were under pressure amid on-going political concerns. USD/JPY did see a brief dip to just under 156.60 post US misses (PPI and initial jobless claims) but we quickly reversed higher.

  • All focus today will be on the BoJ decision. Focus rests on potential curbs to the BoJ bond buying program, with other policy parameters seen unchanged (see our preview here). Regardless of the decision at this week’s meeting, we expect the BoJ to proceed cautiously and gradually in both hiking the policy rate and adjusting JGB purchases.
  • We also have the April tertiary activity index out today, along with the final April Industrial production read.
  • Broader tech levels for USD/JPY remain unchanged. Upside focus is on 157.71, the May 29 high. The 50-day EMA is just above 155.00 on the downside.
  • EUR/JPY mostly tracked lower through Thursday trade after the Asia close. We got to just under 168.30, which also coincided with lows earlier in the week. We are slightly higher now, last around 168.60 (after the pair fell 0.50% for Thursday's session).
  • In the option expiry space, note the following for NY cut later: Y154.00($1.1bln).