The Japanese yen reverses course -- Here's what's happening in FX

Good morning!

It’s pretty quiet in FX on Friday, April 8 as of 8:15 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.

He warned that the rapid currency moves earlier this week were “one-sided movements,” and suggested that Japan “will take necessary steps” if needed.

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:

  • The British pound is up 0.2% at 1.4081 despite some disappointing data. Manufacturing production fell by 1.1% mum in February, below estimates of a 0.2% drop, and industrial production fell by 0.3% mum, 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% mum in February, above expectations of 0.5%, France’s industrial production fell 1.0% mum 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 Canadian dollar is stronger by 0.6% at 1.3070 per dollar ahead of Canada’s jobs report. Economists forecast the economy added 10,000 jobs and that March’s unemployment rate will come in at 7.3%. Data will cross at 8:30 a.m. ET.
  • 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 labour market is “close” to full strength and that the US wasn’t experiencing a “bubble economy.”

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