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FOREX: Dollar Gives Back Some Of Wednesday's Gain, USD/JPY Near 155.00

FOREX
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The USD has spent the first part of Thursday's trade, giving back some of Wednesday's gains. At this stage, the BBDXY index is down around 0.15%, last near 1282. This comes after the index rose a little over 0.40% for Wednesday's session. G10 FX pairs remain firmly within recent ranges though. 

  • Yen has outperformed the G10, albeit marginally. We are up 0.30% against the USD. This puts USD/JPY back near 155.00. The data calendar has just had weekly investment flows, while earlier reports crossed of the largest union urging the government to back wage rises, particularly at small firms.
  • The government is also set to pass a stimulus package, which has been well telegraphed but is slightly larger than last year's per onshore media (BBG).
  • BoJ Governor Ueda is set to speak later, but it remains unclear if the policy outlook will be covered. He is to speak at the Paris EUROPLACE Financial Forum 2024 in Tokyo around 2:10pm local time.
  • AUD/USD is up around 0.25%, last near 0.6520. NZD/USD is close to unchanged at the 0.5880 level. The AUD/NZD cross is tracking higher, last near 1.1090, close to recent highs.
  • In the cross asset space, US equity futures are down, led by tech (Nasdaq futures off around 0.40%). Some disappointment post Nvidia results (from late in Wednesday US trade) has weighed. This hasn't impacted higher beta FX though.
  • US yields sit down a touch, Fed speak has been mixed between hawks/doves in the past 24 hours.
  • Coming up, we have the RBA Governor speaking at 7pm AEDT, but at a payments conference so monetary policy may not be spoken about. Later on, we have the Philly Fed survey in the US, and initial jobless claims. Fed speak is also due, along with more ECB speak. 
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The USD has spent the first part of Thursday's trade, giving back some of Wednesday's gains. At this stage, the BBDXY index is down around 0.15%, last near 1282. This comes after the index rose a little over 0.40% for Wednesday's session. G10 FX pairs remain firmly within recent ranges though. 

  • Yen has outperformed the G10, albeit marginally. We are up 0.30% against the USD. This puts USD/JPY back near 155.00. The data calendar has just had weekly investment flows, while earlier reports crossed of the largest union urging the government to back wage rises, particularly at small firms.
  • The government is also set to pass a stimulus package, which has been well telegraphed but is slightly larger than last year's per onshore media (BBG).
  • BoJ Governor Ueda is set to speak later, but it remains unclear if the policy outlook will be covered. He is to speak at the Paris EUROPLACE Financial Forum 2024 in Tokyo around 2:10pm local time.
  • AUD/USD is up around 0.25%, last near 0.6520. NZD/USD is close to unchanged at the 0.5880 level. The AUD/NZD cross is tracking higher, last near 1.1090, close to recent highs.
  • In the cross asset space, US equity futures are down, led by tech (Nasdaq futures off around 0.40%). Some disappointment post Nvidia results (from late in Wednesday US trade) has weighed. This hasn't impacted higher beta FX though.
  • US yields sit down a touch, Fed speak has been mixed between hawks/doves in the past 24 hours.
  • Coming up, we have the RBA Governor speaking at 7pm AEDT, but at a payments conference so monetary policy may not be spoken about. Later on, we have the Philly Fed survey in the US, and initial jobless claims. Fed speak is also due, along with more ECB speak.