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Aug 02 - 05:55 PM

USD/JPY - Big Inside Day As ADP, BoJ Weighed Before Key US Data

By Randolph Donney  —  Aug 02 - 01:55 PM
  • USD/JPY traded just within Tues's 142.215-3.545 range on Wed

  • Down first in risk-off/yen-on response to Fitch's US downgrade

  • New post-BoJ 10-year JGB yield highs made despite BoJ QE operation

  • Big ADP beat was the main driver for USD/JPY's Wed rebound

  • But ADP's dodgy correlation with NFP makes Fri's jobs report pivotal

  • No change in pricing in that Fed hikes likely peaked last week

  • And the Tsy yields rebound & USD rise were curtailed by stocks drop

  • Thur's claims and ISM non-mfg are key event risks prior to NFP Fri

  • Prices closer to June's 145.07 peak than Tsy-JGB spreads are to July high

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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