July U.S. employment statistics NFP forecast undershoot, dollar/yen temporarily fell to 146.81 yen.
【9/5Market Overview
In Tokyo time, the USD/JPY pair rose as real wages in the August monthly labor statistics survey increased for the first time in seven months, raising expectations of a Bank of Japan rate hike, leading to yen buying; the USD/JPY fell to 148.08 yen. In European hours, the USD/JPY hovered in the low 148 yen range ahead of the U.S. jobs report.7Monthly labor statistics showed real wages rising for the first time in seven months,7the yen strengthened as expectations of a BOJ rate hike grew, and the dollar/yen fell to148.08yen. In European trading hours, with the U.S. jobs data ahead, the USD/JPY stayed around the148yen level, trading little.NYtime,8Regarding the August U.S. jobs report,NFP(Non-Farm Payrolls) were expected to increase by2.2hundred thousand, below the median forecast of7.5hundred thousand,theFRBbeing seen as likely to start trimming rates significantly, leading to a stronger dollar decline and pushing USD/JPY down toyen. Afterward, given position adjustments for the weekend, the pair retraced to the mid-147s.
【9/8Market View