Dollar Is Stable into the Weekend

After a fairly active week, USD-JPY took center stage Friday, the dollar posting solid gains at mid morning. Option related selling ahead of 122.50 strike expiries kept the dollar subdued initially, but short covering, along with reports of a large real money but order in EUR-JPY saw USD-JPY jump sharply. After touching yesterday's highs, profit taking set in, ultimately resulting in a move back under 123.00. EUR-USD, surprisingly, was kept within a tight range, good two-way interest apparently balancing price action. Elsewhere, AUD-USD remained rangebound, finding support over 0.5100, but making no real effort to test the 0.5040 overnight high. USD-CAD tested Thursday's highs of 1.5780 before running into corporate offers. Looking ahead to next week, October consumer confidence data is due on Tuesday, while preliminary Q3 GDP is out Wednesday (S&P forecasts a drop of -1.2%). ALso on Wednesday, October Chicago PMI will be released. On Nov. 1, personal income and PCE data will be released for September. NAPM and construction spending also due on Thursday. Friday brings the much anticipated October jobs report.

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