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USD/JPY Remains Under Pressure, Holding Entirety of Post-Intervention Losses

FOREX
  • The greenback is modestly lower early Friday as the pullback off the cycle high at 106.517 continues, making for a ~1.2% slip off the pre-Fed highs. JPY is modestly firmer, helping keep USD/JPY below the Y153.50 level, thereby holding the bulk of the post-intervention losses.
  • NOK is the session's outperformer, rallying against all others following the Norges Bank rate decision. While rates were kept unchanged, the bank made a hawkish tweak to the policy statement, adding that “The data so far could suggest that a tight monetary policy stance may be needed for somewhat longer than previously envisaged”.
  • Overall, Norges Bank continues to lean hawkish, and today’s decision suggests that the current consensus for a September rate cut may need to be pushed back somewhat.
  • Focus Friday turns to the payrolls report for April, at which markets expect 240k jobs to be added, a step lower from March's 303k. Average hourly earnings will again be a focus, seen rising 0.3% on the month, and 4.0% on the year. ISM services data follows 90 minutes later. Fed's Goolsbee will be the first FOMC member to speak following the decision on Wednesday, appearing on Bloomberg TV.
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