Things are picking up in FX on Friday, April 8 as of 8:45 a.m.
The Japanese yen is once again the main attraction – although this time, the currency has reversed course.
The yen is weaker by 0.4% at 108.65 against the dollar after comments from Japanese Finance Minister Taro Aso on Friday.
Friday’s yen weakness follows five straight days of appreciation, during which the yen reached as high as 107.92 against the dollar – the strongest level since October 2014, when the BoJ shocked markets by boosting its QE program.
Notably, analysts previously suggested they don’t think the BoJ will intervene with the currency this time around given the imminent G7 meeting next month.
In any case, here are the other big FX moves of the day:
- TheCanadian dollaris stronger by as much as 1.1% at 1.3010 per dollar around 8:35 a.m. ET following a slam dunk jobs report. The Canadian labor market added 40,600 jobs in March, and the unemployment rate fell to 7.1%, down from the previous month’s 7.3%. Both figures crushed economists’ expectations.The British pound is up 0.2% at 1.4081 despite some disappointing data. Manufacturing production fell by 1.1% MoM in February, below estimates of a 0.2% drop, and industrial production fell by 0.3% MoM, below estimates of a 0.1% increase. The euro is down 0.1% at 1.366 following several data points. Germany exports increased 1.3% MoM in February, above expectations of 0.5%, France’s industrial production fell 1.0% MoM for February, below expectations of an increase of 0.4%, and Greece’s CPI fell by 1.5% year-over-year in March, below expectations of a 0.5% drop. The dollar index is little changed the morning after Fed Chair Janet Yellen said the US economy is on the right track. On Thursday evening, Yellen and her three predecessors took part in and International House panel, where she suggested the labor market is “close” to full strength and that the US wasn’t experiencing a “bubble economy.”