From Marc Chandler at Bannockburn Global Forex:
The US dollar is mostly consolidating quietly ahead of the employment data. Seasonal factors, and the challenge economists experience in forecasting August job growth in part because of the distortions around local governments and the beginning of the new school year. While Federal Reserve Governor Waller drew attention to next week’s CPI, an unexpected loss of jobs, after July’s loss would pose a serious setback to those who expect a Fed hike later this month. The Fed funds futures have trimmed the odds of a hike this week.
Meanwhile, few are attributing the yen’s two-day surge to intervention. Most accounts attribute it to hawkish comments from the Bank of Japan, speculation of somewhat faster BOJ tightening, and perhaps some adjustment by large pools of capital. The dollar held above JPY155 as it did during the April/May intervention and again in late July. The yen is the weakest of the G10 currencies today, off a little more than 1/3 of 1%. The greenback reached almost JPY156.60 in Europe. Lastly, October WTI is a little softer after rallying for the past four sessions. It is about 9% higher on the week....
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