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AUD and NZD Weaker On Yuan Spillover, USD/JPY Back Close To Cyclical Highs

FOREX

The USD index has firmed in recent dealings, the BBDXY now above 1245, nearly +0.10% for the session.

  • USD sentiment has been aided by the slightly softer AU CPI print. AUD/USD is under 0.6520, off around 0.25%. The detail in terms of the CPI print was as bearish though.
  • NZD/USD is also down, back under 0.6000 to 0.5990. The NZ budget details haven't painted a great economic outlook in the near term, although NZD didn't react much to the headlines.
  • USD/CNY spot has also pushed higher, above 7.2200 in early trade, while Hong Kong equities are weaker. This is likely adding to the USD bid in recent dealings.
  • USD/JPY is gravitating back towards recent highs, last near 151.75/80. Focus will be on the 151.91/95 region, which marked highs in 2022 and 2023.
  • BoJ board member Tamura is delivering a speech currently. Accommodative monetary conditions are expected for the time being, while normalisation of policy will be slow and steady. It is also too soon to let the market drive long term yields. These comments are likely weighing on yen at the margins. Note we still have Ueda's appearance before parliament to come.
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