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AUD/JPY & NZD/JPY Continue To Slump, Carry Unwind Continues

FOREX

Early G10 FX trends remain skewed towards risk off. The BBDXY USD index is little changed last near 1257.

  • USD/JPY is tracking lower, last near 153.00, which is sub intra-session lows from Wednesday (153.11). At this stage it is the only G10 currency that has risen against the USD. A little while ago we had services PPI prices, which were up 3.0%y/y, the strongest rise since March 2015. We were also above market expectations (2.6% y/y). There wasn't much reaction in the FX space to the print.
  • AUD and NZD are both lower. AUD/USD last near 0.6565, fresh lows back to early May. AUD/JPY is to fresh lows sub 101.00, off a further 0.80% so far today.
  • NZD/USD is off slightly less than AUD, last near 0.5920. Wednesday intra-session lows printed at 0.5920. NZD/JPY is back sub 91.00, levels last seen in April.
  • US equity futures are higher in the first part of trade, but this follows sharp cash losses in Wednesday trade. Regional equity markets are tracking lower, with sharp losses in tech sensitive plays. US yields are off close to 2bps at this stage.
  • The data calendar is light for the remainder of the session.
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