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USD/JPY Runs Above Y124.00, Then Pulls Back

FOREX

A breach of the Y124.00 figure, unsuccessfully but repeatedly tested on Thursday, resulted in further gains for USD/JPY, briefly making the yen worst G10 performer. The rate has now trimmed some gains but holds above the said round figure. The move did not seem to be driven by any particular headlines, with the Fed/BoJ divergence theme still in play.

  • Major currency pairs have generally held tight ranges so far, with latest headline flow offering little to alter the familiar narrative.
  • The RBA will publish its semi-annual Financial Stability Report, while today's data highlights include Canadian jobless rate & Japan's Eco Watchers Survey. Speeches are due from ECB's de Cos, Centeno, Panetta, Stournaras, Makhlouf & Herodotou.
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