Japanese Yen (JPY) is entering Thursday’s NA session with a modest gain against the US Dollar (USD), a lone performer in an environment of mild (albeit broad-based) USD strength, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Markets consider strong machine orders and disappointing PMI’s
“Domestic core machine orders for March were much stronger than expected, but somewhat tempered by the release of disappointment across the preliminary PMIs with a contractionary manufacturing print of 49 and a softer services print barely holding on to expansion at 50.8.”
“Japan’s bond market appears to have settled somewhat, trading in tandem with global peers while leaving yield spreads largely unchanged. Finally, US Treasury Secretary Bessent and Japanese Finance Minister Kato are said to have met at the G7 meetings in Banff, affirming their endorsement of market-determined exchange rates.”
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