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USDJPY Reverses Course As US Equity Indices Rebound

FOREX
  • G10 currencies held fairly narrow ranges on Thursday as US stocks stabilised ahead of tomorrow’s November US non-farm payrolls report.
  • The dollar index traded from red to green and will likely post two consecutive days of small gains, following Tuesday’s volatile session.
  • USDJPY (+0.34%) had the most significant bounce amid the improved risk sentiment despite remaining within the Asia-Pac session range. Unable to dip below the overnight lows at 112.66 and remaining above short-term support at 112.53, a more benign session for equities saw the pair rise slowly back above 113, closing in on the overnight highs around 113.30.
  • EURUSD fell around 0.2% back below the 1.13 mark, however recent price action has suggested scope for an extension of a technical corrective cycle, opening 1.1514, Nov 5 high. With tomorrow’s data in focus, it should be noted the overall trend remains bearish with the bear trigger at 1.1186/85.
  • On Friday morning, ECB Lagarde is due to speak in an interview titled "Financing the Covid recovery with new economic headwinds" at the Reuters Next online conference.
  • Headline data will be US NFP where markets expect another 550k jobs added, knocking another 0.1ppts off the unemployment rate and with solid earnings growth.
  • Alongside the report, markets will also see Canadian jobs data before US ISM Services PMI rounds off the week’s data calendar.
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