Antipodeans Firmer, Yen Pressured In Asia

AUD and NZD are the strongest performers in the G-10 space at the margins today, both are ~0.2% higher on Monday. The Yen is pressured, USD/JPY has printed its highest level since May 3.

• AUD/USD is now up ~0.2% printing at $0.6660/65. Resistance is seen at $0.6818 10 May high. NAB has returned to its February call that rates will peak at 4.1% in August or possibly July.
• Kiwi is also 0.2% firmer, benefitting from spillover in the AUD as well as improved risk sentiment as e-minis tick off session lows to sit unchanged from Fridays closing levels.
• Yen is pressured, USD/JPY prints at ¥136.10/20 this is the highest level in the pair since May 3rd, bulls target high from May 3 at ¥136.63. Apr PPI was marginally firmer than expected, printing at 0.2% M/M above the expected 0.0%.
• Elsewhere in G-10 EUR is 0.1% however ranges have been narrow thus far.
• Cross asset wise; e-minis are flat however the contract was down ~0.3% in early dealing. BBDXY is little changed as are US Treasury Yields.
• In Europe today we have German Whole Prices and Eurozone Industrial Production, further out US Empire Manufacturing crosses.