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FOREX: USD Ticks Up Amid Muted Session As Markets Await US NFP Later

FOREX
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Forex trends in the G10 space have been muted, albeit with a slightly positive USD bias, as markets await the US NFP print later. Aggregate moves are not much beyond 0.10% at this stage. The USD BBDXY index sits up a touch from end Thursday levels, last near 1313.8.

  •  USD/JPY has traded a little over 30pip range. Dips under 158.00 have been supported and we last tracked near 158.30/35, around session highs. Recent highs in the pair just above 158.50 remain intact.  Earlier data showed better than expected real household spending figures, but we are still negative from a y/y standpoint. This is unlikely to unnerve the BoJ around any urgent need to raise policy rates.
  • AUD/USD is holding under 0.6200, but has maintained tight ranges so far today. We also had Australian household spending figures, which like yesterday's retail outcome, came in slightly below market expectations. NZD/USD is under 0.5600 as well, but up from recent lows (0.5572).
  • Earlier US equity futures opened lower, but we are away from worst levels. Eminis and Nasdaq futures were last off around 0.30%. Rising cost estimates from the LA fires was a likely early headwind in this space. US yields are down a touch, but losses are less than 1bps.
  • EUR/USD was last near 1.0300, while GBP/USD is close to 1.2300, both pairs little changed for the session. GBP is off around 1% over the past week, the weakest G10 performer amid fresh twin deficit concerns.
  • Looking ahead, outside of the US NFP print we also have the Canadian jobs report. 
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Forex trends in the G10 space have been muted, albeit with a slightly positive USD bias, as markets await the US NFP print later. Aggregate moves are not much beyond 0.10% at this stage. The USD BBDXY index sits up a touch from end Thursday levels, last near 1313.8.

  •  USD/JPY has traded a little over 30pip range. Dips under 158.00 have been supported and we last tracked near 158.30/35, around session highs. Recent highs in the pair just above 158.50 remain intact.  Earlier data showed better than expected real household spending figures, but we are still negative from a y/y standpoint. This is unlikely to unnerve the BoJ around any urgent need to raise policy rates.
  • AUD/USD is holding under 0.6200, but has maintained tight ranges so far today. We also had Australian household spending figures, which like yesterday's retail outcome, came in slightly below market expectations. NZD/USD is under 0.5600 as well, but up from recent lows (0.5572).
  • Earlier US equity futures opened lower, but we are away from worst levels. Eminis and Nasdaq futures were last off around 0.30%. Rising cost estimates from the LA fires was a likely early headwind in this space. US yields are down a touch, but losses are less than 1bps.
  • EUR/USD was last near 1.0300, while GBP/USD is close to 1.2300, both pairs little changed for the session. GBP is off around 1% over the past week, the weakest G10 performer amid fresh twin deficit concerns.
  • Looking ahead, outside of the US NFP print we also have the Canadian jobs report.