Dollar/yen, ADP forecast undershoots, briefly falling to 146.58 yen.
【10/1Market Overview
Tokyo time, the dollar/yen rose on the back of dollar buying by domestic demand at the start of the month,148.23yen, but due to yen buying for risk aversion from the drop in the Nikkei and the partial shutdown of the U.S. government agencies147.33yen lowered. In European trading, the dollar/yen remained soft, oscillating around147yen. In New York time,9monthADPemployment report showed nonfarm payrolls, excluding government sector, were expected to rise by5.0ten thousand, but actual was3.2ten thousand lower, prompting dollar selling, and the dollar/yen briefly hit146.58yen, the lowest since9/17. Thereafter,9month USISMmanufacturing PMI came in at49.1versus the forecast49.0, modestly above expectations, and the dollar/yen recovered to147.25yen.
【10/2Market Outlook