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USD/JPY Returns Onto The Y105 Handle

FOREX

USD/JPY bounced back above the Y105.00 mark on the back of Japanese MoF's
jawboning, as they refused to comment on specific FX levels, but noted
that further JPY appreciation would prompt officials to consider various policy
tools. The Ministry stressed the importance of FX market stability, adding
that they are watching currency markets with a sense of urgency. It is Gotobi
Day today, which may have generated some additional demand for USD/JPY. The
greenback outperforms its G10 peers at the margin, perhaps as a function of
demand for the pair.

  • The Australian reported that Victoria may declare a record 732 new Covid-19
    cases today, which applied some light pressure to the Antipodeans.
  • USD/KRW dipped to multi-month lows, owing to y'day's USD weakness, a beat
    in Samsung's Q2 earnings & continued recovery in S. Korean biz. confidence.
  • Today's data docket features U.S. GDP & initial jobless claims, German
    unemployment, flash readings of quarterly GDP & monthly
    CPI, as well as EZ jobless rate.
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