FOREX: New Highs for USD/JPY, But Suzuki Won't Be Drawn on Rates
Last updated at:Nov-13 10:26By: Edward Hardy
- JPY has started the week on the back foot, slipping against most others in G10 to keep USD/JPY at new cycle highs, touching 151.86 headed into the European morning. The moves were shortly followed by a reiteration of the Japanese authorities' stance on the currency, as Suzuki stressed that while he cannot comment on currency levels, the Japanese finance ministry will monitor markets and respond with a sense of urgency, with market prices needing to be set by fundamentals, rather than speculation.
- The USD is more mixed, sitting mid-table headed into the NY crossover, with the 50-dma in the USD Index remaining a solid anchor for prices. Short-term trends remain pointed higher for the greenback, however prices are still below pre-NFP levels.
- AUD is modestly the best performer, aided by positive equity markets across European cash markets, however US futures point to a more modest open at the US opening bell later today. NOK sits at the other end of the G10 table, as markets partially reverse the sharp post-inflation strength seen on Friday.
- The Monday session sees a light schedule, with focus and risk events back-loaded later in the week, with US, UK and Eurozone inflation updates due. Speakers today include newest addition to the BoE MPC Breeden as well as Mann and Fed's Cook.