The yen staged a solid rebound overnight. Japanese growth minister Kuuchi said authorities would monitor the impact of yen weakness while US President Trump and Japan’s new Prime Minister Takahichi reaffirmed closer defence ties.
The dollar traded with a softer tone overall amid thin data flow and reports that Amazon would cut 14,000 jobs. The pound underperformed after weak UK retail price data and on lingering nerves ahead of the November budget.
In Europe, the ECB’s bank lending survey showed tighter corporate credit conditions, prompting some to suggest the central bank should avoid adding to financial strain.
Elsewhere, sentiment improved slightly after President Trump said his upcoming meeting with China’s Xi should work out well. Today’s US releases, including housing, manufacturing, and consumer confidence data, will be closely watched for signs of labour market softening.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
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