FX Daily: USD - No Reason to Smile

The report highlights limited USD downside due to US-Iran tensions and upcoming NFP data, while noting that Japan's MoF may intervene if USD/JPY exceeds 157.

Key Takeaways

• 1.USD downside is likely limited by lingering geopolitical risks in the Middle East and expectations of a restrictive Fed policy stance.
• 2.Japan's Ministry of Finance (MoF) has established a 'line in the sand' for USD/JPY at 157, with further intervention likely if that level is breached.
• 3.Markets are awaiting the US non-farm payrolls (NFP) report for April, with a consensus expectation of a significant slowdown to 65k.

Table of Contents

• Asia overnight
• USD: no reason to smile
• JPY: BoJ and MoF's fight getting a little easier
• CAD: harder work
• Introducing RMA!
• Open trade recommendations
• Key events
• FX Research advanced tools
• Red Mount Analytics
• Global Markets Research contact details

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