Commodity FX Firms Against JPY

The USD is down slightly in the first part of trading today. The BBDXY sits around 1266, and for now remains sub the simple 200-day MA at 1269.40. The USD is only firmer against the yen at this stage. Cross asset signals are muted, with US cash Tsy yields mixed (slightly firmer at the front end, but lower at the end back end), while equities are positive for those markets open in the region, but US futures are around flat. This is driving some slight outperformance from commodity FX relative to the yen.

• NZD/USD is back close to 0.6400, +0.15% on NY closing levels, although very much within recent ranges. Moves into the 0.6420/30 region have drawn selling interest in recent sessions. Earlier, NZ food prices were flat in November after a 0.8% gain in October.
• AUD/USD is not far behind, back to 0.6750. Survey data has been mixed with the Westpac-Consumer Confidence index rising to 80.3 from 78.0, but is still at low levels historically. The NAB business survey edged lower though, down to +20, from 22, while confidence slipped to -4 from flat.
• NOK is also slightly firmer, +0.15% to 9.9810/15, aided by some carry over from the overnight rebound in oil.
• USD/JPY dips are being supported. The pair is last near 137.80, earlier lows were around 137.45.