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Dollar Index Steady, USD/JPY Can't Sustain 143.00 Dip Post Higher Core CPI

FOREX

In the first part of Friday trade, USD ranges have been fairly tight. The BBDXY sits close to unchanged, last around 1226.40 currently, so still holding onto gains from the Thursday session (highs from Thursday came in just above 1227). In the cross asset space, US yields have opened with a slightly softer tone, with front end ends off by around 1.5bps at this stage. US equity futures are around flat.

  • USD/JPY dipped to 142.95, with higher than expected core inflation helping yen sentiment at the margins. However, this proved to be short lived, the pair now back to 143.05/10, not too far from Thursday session highs near 143.25.
  • A focus point is likely to on whether verbal rhetoric around weaker yen levels picks up, particularly in the aftermath of the 143.00 breach.
  • Elsewhere, AUD and NZD are slightly higher, but well within recent ranges. AUD/USD last tracks just above 0.6765. Jubo Bank preliminary PMIs for June showing a shift lower in services activity, while manufacturing stayed in contraction.
  • NZD/USD was last 0.6185/90. EUR/USD is steady around 1.0955/60.
  • GBP/USD is a touch higher last near 1.2750. Consumer confidence improved to -24 from -27 prior, also coming in above market expectations (-26).
  • There is little in the way of risk events for the remainder of the Asia Pac session. Note China markets remain closed.
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