USD/JPY

The Japanese yen continues to slide, as USD/JPY pushed above the 107 on Thursday. This marks the pair’s highest level since September 2008. In economic news, US Unemployment Claims rose to 315 thousand, well above the estimate. There are no Japanese releases on Thursday.
US employment numbers continue to raise concern. Last week’s Unemployment Claims rose to 315 thousand, the largest number of claims in 10 weeks. The reading was much higher than the estimate of 306 thousand. This follows soft numbers from JOLTS Job Openings and a dismal Nonfarm Payrolls last week. The troubling job numbers are unlikely to affect the Fed’s plan to trim QE next week, but a weak labor market could postpone plans to raise interest rates by mid-2015.
Over in Japan, after some disappointing manufacturing indicators earlier this week, the BSI Manufacturing Index provided some sorely needed positive news. The index bounced back from a reading of -13.9 points in Q1, rising to 12.7 points in Q2. This surprised the markets, which had expected the indicator to fall to -10.3 points. With zero separating contraction from expansion, the indicator points to surprisingly strong optimism from large Japanese manufacturers. Earlier in the week, Core Machinery Orders came in at 3.5%, sharply down from 8.8% in the previous release. This followed a weak reading from Tertiary Industry Activity, which posted a flat reading of 0.0%.

CAD News

TORONTO--The Canadian dollar was slightly lower early Wednesday, maintaining a range-bound trade after a quiet overnight session while second-tier domestic data failed to budge the loonie.
The U.S. dollar was recently at C$1.0989 early Wednesday, from C$1.0983 late Tuesday, according to data provider CQG.
The greenback was broadly higher to start the North American trading session, moving higher against the loonie, Australian dollar and yen. The only notable data point traders focused on during the overnight session was a disappointing release of Japan's Producer Price Index in August and falling consumer confidence in Australia.
In Canada, the loonie failed to react to data that showed the Canadian capacity utilization rate increased to 82.7% in the second quarter from a downwardly revised 82.1% in the prior quarter, but was below expectations of a 82.9% increase.

EUR/JPY Daily Japanese yen

 EUR/JPY   Daily
13::30 GMT - Mon.'s run up topped in the pm. but that high has now beenexceeded as 137 is pressed- the EUR's now about half way back through last week's decline but a consolidation above 136.50 will keep the EUR bullish for later pm./ Wed.

The Japanese yen continues to shrink, as USD/JPY trades just above the 106 line in Tuesday’s European session. The last time the pair was at these levels was in October 2008. Japanese Tertiary Industry Activity continued to sputter, posting a flat reading of 0.0%. The BoJ minutes stated that policymakers were concerned with inflation levels. On Tuesday, we’ll get a look at Japanese Core Machinery Orders, an important manufacturing indicator. In the US, today’s highlight is JOLTS Jobs Openings. The employment indicator has improved over three consecutive releases, and the upward swing is expected to continue, with an estimate of 4.72M.
The BoJ minutes did not contain any surprises, coming on the heels of a policy meeting in which the BoJ unanimously decided to maintain its current monetary policy. Policy makers stated that inflation levels should be carefully assessed as to whether inflation will reach the 2% target in 2015. On an optimistic note, the minutes stated that economic growth and inflation were in line with forecasts.

Brent crude

Brent crude fell below $100 a barrel for the first time since June 2013, as a slowdown in imports into China reinforced signs of surplus oil supply. West Texas Intermediate dropped to the lowest in almost eight months.
The global benchmark slipped as much as $1.10, or 1.1 percent, to $99.72 a barrel in London. The last time it traded below $100 was June 24, 2013. China's purchases declined 2.4 percent in August, compared with a 1.6 percent drop in July, data from the Beijing-based customs administration show. Chinese exports rose by 9.4 percent.
Oil markets in the U.S. and Europe face a glut amid constrained consumption and the recovery of supplies from Libya, according to the International Energy Agency, the Paris-based adviser to 29 nations. Growth in China, the world second-biggest oil consumer, will drop to 7.4 percent this year, the weakest pace since 1990, according to economist estimates compiled by Bloomberg. It will slide to 7.2 percent in 2015.

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