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Yen Under Light Pressure In Pre-Weekend Trade

FOREX

Markets cruised towards the weekend, with lacklustre headline and data flow providing little in the way of meaningful catalysts. The yen lagged the G10 pack as e-minis and regional equity benchmarks ground higher. USD/JPY clawed back most of Thursday's losses as a result.

  • The likes of GBP, CAD & AUD struggled for any impetus, while CHF & the Scandies fared relatively well in a largely directionless trade. Tight ranges were respected.
  • The PBOC set the central USD/CNY mid-point at CNY6.4525, 7 pips above sell-side estimates. A third marginally weaker than expected fixing in a row suggests that China's central bank is satisfied with the redback's trajectory, after Monday & Tuesday saw considerably wider fix-vs-estimate spreads.
  • Today's data docket is rather U.S.-centric, with retail sales, industrial output & U. of Mich. Sentiment due. Central bank speaker slate features Fed's Kaplan, while the ECB will release the account of its latest MonPol meeting.
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