European FX Open - Risk is off pre-NFPs

The YEN was star performer overnight, as Japan's Finance Minister Suzuki told reporters recent FX moves have both good and bad effects; sudden FX moves increase uncertainty for businesses; important for FX market to reflect fundamentals and move stably.

Also, ex-BOJ Momma stated the Bank'sbig policy shift this week makes another interest rate hike highly likely in October and raises the potential for quarterly increases.

The USD is very mixed at the start of the day, with GBP one of the chief victims in the wake of yesterday's first BOE interest rate cut in four years.

Risk is off in the broader market, with stocks a sea of red in the last 24 hours and US stock futures all making material losses. The NASDAQ leads the way at -1.4% as Bbg reports Intel plunged 19% post-market as its Q3 revenue forecast missed and it suspended its dividend on top of announcing plans to cut 15% of jobs., while Amazon slid almost 7% as AI spending posed a challenge to its outlook.

To today's session and a busy schedule.

Swiss CPI (unchanged at 1.3% y/y forecast), French and Italian IP/MP as well as the latter's retail sales due this morning.

In the second half, the NFPs of course leads, but US factory orders and durable goods are also scheduled.

Payrolls are seen at 175k vs 206k last; the unemployment rate is expected unchanged at 4.1% and above the Fed's year-end projections and the AHE earnings at 0.3% m/m and 3.7% y/y.

On the central bank front, BOE's Pill speaks early this afternoon and Fed's Goolsbee is due after hours.

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