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FOREX: USD Supported On Dips, But Aggregate Moves Modest, USD/JPY Around 155.00

FOREX
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The earlier outperformance from risk currencies has given way to a firmer USD backdrop as Wednesday trade has unfolded. The USD BBDXY index was last around 1279.20, a touch higher for the session. Earlier lows in the index were at 1277.22. 

  • Aggregate FX moves are not large at this stage. USD/JPY has traded with a positive bias, getting to highs of 155.14, but we sit back closer to 155.00 in latest dealings, around 0.25% weaker in yen terms. Earlier data showed slightly stronger than expected export growth, but a still persistent trade deficit in Japan
  • US yields sit close to unchanged, albeit with a slight bias to move higher at the back end.
  • US equity futures are off earlier highs but still sit in positive territory, last +0.15%. This comes ahead of the key Nvidia earnings release. Regional equities are mixed, but aggregate moves aren't much beyond 0.50% at this stage.
  • AUD and NZD sit off earlier highs, but are only down 0.10% at this stage. AUD/USD last near 0.6525, NZD just under 0.5910. EUR/USD has slipped back under 1.0600.
  • We remain within broader ranges though, as markets await fresh catalysts. Technical indicators still suggest USD dips will be supported.  
  • Looking ahead, the main focus will be UK CPI. We also hear from ECB and Fed speakers. 
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The earlier outperformance from risk currencies has given way to a firmer USD backdrop as Wednesday trade has unfolded. The USD BBDXY index was last around 1279.20, a touch higher for the session. Earlier lows in the index were at 1277.22. 

  • Aggregate FX moves are not large at this stage. USD/JPY has traded with a positive bias, getting to highs of 155.14, but we sit back closer to 155.00 in latest dealings, around 0.25% weaker in yen terms. Earlier data showed slightly stronger than expected export growth, but a still persistent trade deficit in Japan
  • US yields sit close to unchanged, albeit with a slight bias to move higher at the back end.
  • US equity futures are off earlier highs but still sit in positive territory, last +0.15%. This comes ahead of the key Nvidia earnings release. Regional equities are mixed, but aggregate moves aren't much beyond 0.50% at this stage.
  • AUD and NZD sit off earlier highs, but are only down 0.10% at this stage. AUD/USD last near 0.6525, NZD just under 0.5910. EUR/USD has slipped back under 1.0600.
  • We remain within broader ranges though, as markets await fresh catalysts. Technical indicators still suggest USD dips will be supported.  
  • Looking ahead, the main focus will be UK CPI. We also hear from ECB and Fed speakers.