FX Brief Weaker Exports Weigh On Sentiment
A summary of news and snapshot of moves from today’s Asia session.
Share this:
- Weak export numbers from Japan weighed on sentiment, with manufacturing confidence hitting a 3-year low. Treasuries and equity markets are lower, although contained remains contained overall.
- Australian employment failed to light another match under rate-cut calls, supporting AUD during a slightly risk-off session. Unemployment remained steady at 5.2%, although RBA will need to see this lower over the coming months to justify recent cuts. Participation rate remained at record highs, although the headline employment figure missed the mark, coming in at 0.5k versus 10k expected down from -9.5k prior.
- AUD, CHF and JPY are the strongest majors, USD and CAD are the weakest. AUD/CAD is the biggest gainer, with AUD receiving a tailwind with okay employment data and CAD pressured from trade concerns. USD/JPY is the biggest loser of the session, all pairs remain within their typical daily ranges although AUD/JPY is the closest to breaching it.
Up next:
- UK retail sales is a volatile number at the best of times, and May’s figures were no exception with the YoY rate plummeting -2.8% with cool weather to blame. Shorting GBP is not a new idea and, given GBP/USD’s minor up day yesterday, perhaps it’s approaching a time for a contrarian move and may not take a huge beat to if GBP/USD further. Still GBP/USD is hovering just below key resistance around 1.244/78, so it could be reaching a pivotal moment.
- US Initial jobless claims hit a 50-year low last month, but it may not be a main driver for the USD with markets expecting further easing from the Fed. USD is receiving safe haven flows and, whilst data overall isn’t great, it’s performing better than the rest of the world on a relative basis. Still, keep USD/JPY in focus as it is approaching 107.54 support.
- Weak export numbers from Japan weighed on sentiment, with manufacturing confidence hitting a 3-year low. Treasuries and equity markets are lower, although contained remains contained overall.
- Australian employment failed to light another match under rate-cut calls, supporting AUD during a slightly risk-off session. Unemployment remained steady at 5.2%, although RBA will need to see this lower over the coming months to justify recent cuts. Participation rate remained at record highs, although the headline employment figure missed the mark, coming in at 0.5k versus 10k expected down from -9.5k prior.
- AUD, CHF and JPY are the strongest majors, USD and CAD are the weakest. AUD/CAD is the biggest gainer, with AUD receiving a tailwind with okay employment data and CAD pressured from trade concerns. USD/JPY is the biggest loser of the session, all pairs remain within their typical daily ranges although AUD/JPY is the closest to breaching it.
Up next:
- UK retail sales is a volatile number at the best of times, and May’s figures were no exception with the YoY rate plummeting -2.8% with cool weather to blame. Shorting GBP is not a new idea and, given GBP/USD’s minor up day yesterday, perhaps it’s approaching a time for a contrarian move and may not take a huge beat to if GBP/USD further. Still GBP/USD is hovering just below key resistance around 1.244/78, so it could be reaching a pivotal moment.
- US Initial jobless claims hit a 50-year low last month, but it may not be a main driver for the USD with markets expecting further easing from the Fed. USD is receiving safe haven flows and, whilst data overall isn’t great, it’s performing better than the rest of the world on a relative basis. Still, keep USD/JPY in focus as it is approaching 107.54 support.
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
USD/JPY Q4 2026 Outlook: Hawkish Fed Pricing Clashes With Intervention Risk
The year-end tug-of-war is clear: hawkish Fed pricing supports USD/JPY, while intervention risk limits the upside.
Japanese Yen Forecast: USD/JPY 4% Rally Challenges Post-Intervention Downtrend 9 24 2026
USD/JPY momentum has shifted sharply higher, putting a major resistance confluence in focus as U.S. and Japanese event risk builds.
Oil Quietly Hands the Fed a Reason to Stay Hawkish
Oil prices and the U.S. dollar are both on the front foot as elevated energy costs feed Fed warnings that inflation may prove sticky.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.