USD/JPY Rebounds 100pips From Earlier Lows, A$ Outperforms As Jobs Data Stokes RBA Fears

Outside of AUD gains (post better than expected jobs data), the USD has ticked up against most of the majors. The BBDXY has edged back above 1248, against earlier lows of 1246.65. Yen volatility has been the other focus point.

• USD/JPY was biased lower in early trade, touching 155.38, which was a fresh lows back to early June. However, we now sit around 100pips higher, last around 156.40/45, slightly up in USD terms versus end NY closing levels from Wednesday.
• There didn't appear to be a fresh catalyst for the early morning move other than a continuation of USD/JPY's sharp reversal which kicked off late in Asia Pac trade on Wednesday. Futures volumes were firmer in early trade before subsiding somewhat. Note 154.55 was the June 4 low. The 50-day EMA is back near 157.90
• The A$ has outperformed on crosses, with AUD/JPY rebounding back to 105.4, against earlier lows of 104.53. This likely helped USD/JPY rebound. The June Australian jobs data showed a fairly resilient labour market for Q2, with jobs growth largely matching the pace of new entrants to the labour market. This is keeping the door ajar for a potential RBA rate hike in coming months.
• AUD/USD sits up at 0.6735, modestly firmer for the session. The AUD/NZD cross has regained ground back near 1.1100, pre data lows were just under 1.1060. NZD/USD is off to 0.6070, down 0.20%, but still above recent lows.
• Later, the ECB is seen on hold. We have Fed speak from Goolsbee, Logan and Daly. On the data front, US jobless claims and July Philly Fed, and UK labour market data are all due.