USD/JPY

Growth momentum: The previous 54.0 reading was the benchmark, so the move came from how the new release changed that trend. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For FX, that feeds rate differentials and the dollar leg.

Growth momentum: Consensus looked for 51.3 versus 51.2 previously, setting up a hotter expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For FX, that feeds rate differentials and the dollar leg.

Labor-market signal: Consensus looked for 118K versus 98K previously, setting up a hotter expected print. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For FX, that feeds rate differentials and the dollar leg.

Inflation repricing: Consensus looked for 1.5% versus 1.4% previously, setting up a hotter expected print. Inflation data changes how restrictive central banks may need to stay, so rates and currencies can move quickly. For FX, that feeds rate differentials and the dollar leg.

Growth momentum: Consensus looked for 52.2 versus 51.9 previously, setting up a hotter expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For FX, that feeds rate differentials and the dollar leg.

Growth momentum: Consensus looked for 51.8 versus 52.2 previously, setting up a cooler expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For FX, that feeds rate differentials and the dollar leg.