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Early USD/JPY Dip Not Sustained, USD Indices Slightly Lower

FOREX

USD FX indices sit a touch below their end Monday levels. The BBDXY was last near 1263.5, off close to 0.10% for the session so far.

  • News flow and data outcomes have been light, which has kept most currencies in fairly tight ranges against the USD. US equity futures sit a touch higher (0.10-0.20%) following cash losses in Monday trade. US yields have been relatively steady, moves less than 0.5bps at this stage.
  • USD/JPY did see a brief dip to 159.19 ahead of the Tokyo fix, but we recovered growth, and last track near 159.50, still down slightly for the session.
  • Cabinet Secretary comments on FX were in line with recent rhetoric. The PPI services for May came out weaker than forecast at 2.5% y/y (projection was 3.0%) This didn't impact FX sentiment though.
  • AUD/USD and NZD/USD are close to unchanged, albeit with NZD slightly off compared to the A$. AUD/USD last near 0.6660, NZD, close to 0.6120.
  • Australian Westpac Consumer Sentiment rose for June but remains depressed by historical standards. Iron ore prices fell to multi-month lows before stabilizing.
  • The USD/CNY fixing rose, which went against market expectations for a lower outcome, which provided some USD support, but follow through was limited.
  • Looking ahead, Canada CPI is the data highlight Tuesday, before US consumer confidence and Richmond manufacturing also cross.
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