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USD/JPY Nearing Y130.00

FOREX
  • JPY is slipping in early Wednesday trade, with USD/JPY inching closer to the Y129.50 and the Y130.00 handle. The move higher hasn't coincided with strength across global equities, although most futures markets are in minor positive territory.
  • The greenback is stronger, with the USD Index bouncing further off the 50-dma support at 101.52, although stronger-than-expected manufacturing PMI releases from Spain, France and the Eurozone have stalled the greenback's rally somewhat.
  • The BoC rate decision takes focus going forward, with markets expecting a 50bps rate hike to 1.50%. There will be no press conference, only a statement released alongside the decision. The statement is likely to maintain its hawkish tone to keep inflation expectations from deanchoring but offer little in the way of new guidance.
  • Hawkish surprises could come from language around moving further into excess demand or inflation being increasingly persistent and broad-based, but the market is likely more sensitive to dovish commentary concerning the global growth backdrop and/or moderation in Canadian housing activity.
  • Data highlights Wednesday include May ISM Manufacturing and April's JOLTs data. Any outlier will be watched carefully ahead of Friday's Nonfarm Payrolls release.
  • A number of central bank speakers are due, with ECB's de Cos, Panetta & Lane due as well as Fed's Williams & Bullard.
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