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FOREX: JPY Reverses Monday Weakness as US Returns to Soft Equity Trade

FOREX
  • JPY is outperforming all others in G10 to wholly reverse the entirety of yesterday's weakness. USD/JPY is back below the Y146.00 handle and through yesterday's low to return trade back to broadly neutral after Monday's soft start. Equities are turning softer headed into the NY crossover, with volumes picking up as the US returns from Labor Day public holiday market closures. the e-mini S&P is already off by 0.5% ahead of the cash open, taking European stock markets with it.
  • Infitting with the risk-off theme, Antipodean and growth-led currencies are underperforming and tipping AUD and NZD offered. This returns NZD back below the $0.62 mark and through first support at 0.6198 - the 23.6% retracement for the upleg off the August low.
  • EUR/USD's correlation with risk has pressed the pair through overnight lows into NY hours. As a result, the USD trades well and the USD Index is now north of last week's highs - extending the bounce off the mid-August low to just over 1.3%.
  • ISM data is set to take focus for the duration of Tuesday trade, with markets expecting manufacturing to have ticked up to 47.5 from 46.8 previously. Last week's MNI Chicago PMI came in modestly ahead of expectations, which may be setting the tone here. 
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