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Jan 04, 06:32 GMT FX Today: Yen slips on Japan’s jawboning; UK services PMI, Eurozone CPI and US NFP – key By Dhwani Mehta
Forex today in Asia cheered the return of full markets, as the Japanese markets opened for 2019, bringing in some currency jawboning. The top Japanese government official along with the BoJ Governor Kuroda came out on the wires and delivered assurances, in the wake of the recent JPY upsurge. As a result, the USD/JPY pair jumped almost 100-pips and tested the 108.50 level before retracing to near 108.30 region. The USD/JPY rally lifted the greenback across its major peers while the reports that the US House of Representatives passed the bill that lifts the partial government shutdown also underpinned the dollar demand.
Further, the rally in the Chinese equities amid upbeat Chinese services PMI, US-China trade talks and hopes of Beijing unveiling further stimulus offered the much-needed lift to the broader market sentiment. The higher-yielding assets such as the Antipodeans, oil prices and Treasury yields found some support from the risk-on market profile. Meanwhile, both the Euro and the GBP traded modestly flat, awaiting fresh impetus from the upcoming macro releases.
Main Topics in Asia
Asian stocks split the middle as China rises on trade talk hopes, Japan slips
Key Focus Ahead
Markets brace for an eventful EU calendar ahead, with the main focus on the UK services PMI and Eurozone flash CPI estimate due later on at 0930 GMT and 1000 GMT respectively. At the same time, the second-liner Eurozone PPI data will be published.
The NA session also offers plenty of event risks, with the highlight being the US payrolls and earnings data due at 1330 GMT alongside the release of the Canadian jobs report. Later on, the US Markit services PMI will be published at 1445 GMT, followed by the EIA crude stocks data at 1600 GMT and Bakers and Hughes oil rigs count data at 1800 GMT.
Besides, the speeches by the FOMC member Bostic and Fed Chair Powell will also hog the limelight.
EUR/USD stuck at 1.1400 ahead of EU CPI, US NFP double-header Friday
EUR/USD continues to test into the 1.1400 major technical level, continuing a bounce from the low end of a sideways channel, and the major pairing heads into a Friday session that sees the market focus shifting towards another key reading of the US’ Non-Farm Payrolls .
Analysts at TD Securities are looking for the Canadian jobs growth to slow to 15k in December following the blockbuster 94k increase last month. GMT -2.4%
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