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More Risk off for EURJPY?
As the S&P broke its 200-day moving average EURJPY was dragged lower as risk-off flows dominated the day. Could this move persist? Quite possibly as US data continues to disappoint with latest ISM Non-Manufacturing coming in weak. With employment subcomponent dropping by 3 points, chances that NFP tomorrow will miss their mark as well are quite good. All of this has cast a pall over equities which are disappointed by subpar US growth and are starting to price in a slowdown in earnings.
Meanwhile, the unwind in USDJPY and euro’s relative weakness could continue to weigh on EURJPY which is trading at one month lows and could probe the key 130.00 figure if the job numbers disappoint.