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FOREX: USD/JPY Testing Sub 151.00 Post Stronger Tokyo CPI

FOREX
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Yen gains are dominating the first part of Friday G10 FX trade. Modest USD losses are being seen elsewhere. The USD BBDXY index was last around 1278.4, close to lows for this week. 

  • USD/JPY has tested 151.00, with session lows at 150.88, which we sit a touch above in latest dealings. Yen is around 0.35% firmer at this stage versus end NY Thursday levels. Weekly lows in the pair rest at 150.46.
  • Yen gains have been fueled by the stronger than expected Nov Tokyo CPI print. The headline rose on higher utility costs, but underlying core details were also firmer and should add to BoJ confidence around sustainably achieving its 2% inflation target.
  • NZD/USD is up near 0.5900, around 0.15% higher. The 20-day EMA (close to 0.5910) is nearby in terms of upside resistance. Earlier data from ANZ showed a surge in Nov consumer confidence. AUD/USD has ticked up to 0.6505/10.
  • In the cross asset space, US TSY cash trading has resumed, with slightly softer yields in the first part of dealing. Mid to longer terms off around 1.5bps. US equity futures are higher though, up 0.20-0.30%.
  • Looking ahead we have Australia private sector credit data coming up, then Japan consumer confidence. These prints are unlikely to shift FX sentiment much.  
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Yen gains are dominating the first part of Friday G10 FX trade. Modest USD losses are being seen elsewhere. The USD BBDXY index was last around 1278.4, close to lows for this week. 

  • USD/JPY has tested 151.00, with session lows at 150.88, which we sit a touch above in latest dealings. Yen is around 0.35% firmer at this stage versus end NY Thursday levels. Weekly lows in the pair rest at 150.46.
  • Yen gains have been fueled by the stronger than expected Nov Tokyo CPI print. The headline rose on higher utility costs, but underlying core details were also firmer and should add to BoJ confidence around sustainably achieving its 2% inflation target.
  • NZD/USD is up near 0.5900, around 0.15% higher. The 20-day EMA (close to 0.5910) is nearby in terms of upside resistance. Earlier data from ANZ showed a surge in Nov consumer confidence. AUD/USD has ticked up to 0.6505/10.
  • In the cross asset space, US TSY cash trading has resumed, with slightly softer yields in the first part of dealing. Mid to longer terms off around 1.5bps. US equity futures are higher though, up 0.20-0.30%.
  • Looking ahead we have Australia private sector credit data coming up, then Japan consumer confidence. These prints are unlikely to shift FX sentiment much.