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USD/JPY Retains Rally, Leaving Markets on Watch for Official Response

FOREX
  • The USD Index has faded off yesterday's post-ISM cycle high, with 109.977 the new high watermark. Nonetheless, a number of currencies continue to print new cycle lows against the greenback, with USD/JPY remaining particularly notable.
  • The pair has spent a second session above Y140 as prices look to establish a base north of the handle. Authorities again spoke out on the FX moves overnight, with FinMin Suzuki again warning that "FX stability is important" and that he is to "keep in touch with others on any needed response". 140.67 marks next resistance, the 2.0% 10-dma envelope.
  • The EUR trades more favourably, with confirmation of the return of natural gas flow into the continent via the Nord Stream 1 pipeline helping soothe concerns of another energy price crunch. The pipeline operator has confirmed flow equating to ~20% of capacity from early tomorrow morning.
  • Focus turns to the August nonfarm payrolls release, with markets anticipating a slowdown in jobs growth to +298k jobs from July's +528k.
  • There will again be focus on the strength and breadth of jobs growth plus any difference between establishment and household surveys, with FOMC speakers putting weight on jobs growth strength as evidence against the economy already being in recession.
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