FX Action: USD-JPY has been trading in a narrow range
FX Action: USD-JPY has been trading in a narrow range, of 113.34-48, so far today, and Yen crosses and most dollar pairings have seen a similar lack of directional bias. Stock markets in Asia have been similarly directionally challenged. The dominant excuse in market narratives is the focus on the upcoming Trump-Xi meeting at the G20 gathering in Argentina, which has taken the status of a risk event for global markets. While official China Daily newspaper has a trade agreement is possible, and Trump has said they are "close" to doing something, Trump has also said that he is happy with the current arrangements "because what analysts have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes." The most interesting data today out of Asia has been China's official manufacturing PMI survey for November, which produced the weakest headline since July 2016, of 50.0, a level indicating flat growth. Japanese data, meanwhile, were a mixed bag, included unchanged unemployment, at 2.4% in October, while the November Tokyo CPI came in at 0.8% y/y, off the median forecast for a 1.1% y/y rate, and October industrial production rose 2.9% m/m, more than double the median forecast for 1.2% m/m growth.