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Early JPY Outperformance Reversed Ahead of NY

FOREX

Markets started the European session steadily, with most pairs sticking to their recent ranges with the exception of JPY which pressed higher against most others to result in a Y104.19 print in USD/JPY. This JPY outperformance has been erased ahead of NY hours, with markets now just shy of Y105.00 as the persistent US equity futures rally persists across the morning.

NZD, AUD and JPY are now weaker headed into the NY crossover, but currency markets continue to look non-directional for now. European equities trade generally higher following the decent showing from large-cap US earnings yesterday (the likes of Apple, Amazon and Facebook are all sharply higher pre-market) which may be helping weigh on haven FX so far today.

Canadian GDP data is due to follow later today and will likely show the familiar theme of sharp contraction on an annualised basis - but the monthly numbers should show a return to growth of around 3-4%. US personal income/spending data is also due as well as MNI Chicago Business Barometer and Uni of Michigan sentiment data.

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