Speaking at an extraordinary parliament session that convened on Friday, the Japanese PM Abe said that the government was ready to take “all possible steps”, in an effort to sustain the economic recovery.
“Achieving economic growth remains my administration’s top priority.”
“If downside risks materialize, we will take all possible steps flexibly and without hesitation to ensure the economy is on a growth path.”
Japan, earlier this week, rolled out a twice-delayed increase in the sales tax to 10% from 8% that is seen denting the consumer sentiment.
The USD/JPY pair is seen making minor-recoveries in a bid to regain the 107 handle, with the Japanese currency unable to find support from the upbeat remarks from PM Abe.
EUR/USD is trading below 1.10, off the highs it hit after a series of disappointing US figures. Tension is mounting toward the critical US Non-Farm Payrolls which carry lower expectations than usual, while wages are set to remain high.
GBP/USD is trading around 1.2350, steadying amid media reports that the EU has given UK PM Johnson until October 11 to improve his Brexit proposal which is supported at home. US Non-Farm Payrolls are eyed.
A late recovery in the US equity markets helped bounce off lows on Thursday. Fed rate cut expectations kept the USD bulls on the defensive and capped gains. All eyes remain glued to Friday’s release of the closely watched US NFP report.
Gold edged higher through the early European session on Friday, albeit remained well below the overnight swing high to over one-week tops. All eyes remain glued to Friday’s important release of the NFP report.
The US Dollar has consolidated its losses following the third consecutive disappointing data with EUR/USD falling to hit 1.10. The Purchasing Managers’ Index for the services sector fell to 52.6, a three-year low.
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