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FOREX: Yen Loses Ground Amid Firmer Equities/Higher US Yields

FOREX

Recent yen outperformance is unwinding somewhat in the first part of G10 FX trade for Thursday. USD/JPY is up around 0.40%, last in the 142.85/90 region. At this stage, other G10 moves are less than 0.10% against the USD. 

  • The USD BBDXY index is up a touch, last near 1236.30 (0.1%), largely thanks to yen losses. Yen is softer amid a stronger local equity backdrop, the Nikkei up over 3%. US tech lead gains is likely seeing some positive spill over in this space. US equity futures are closed to unchanged in early dealings.
  • US yields have also ticked higher, led by the front end, with the 3yr up over 1pbs in yield terms.
  • A slightly weaker August PPI print for Japan may have also weighed on yen sentiment at the margins. We don't think it would drastically alter BoJ thinking though.
  • For USD/JPY, upside focus may rest with recent highs at 143.71. The 20-day EMA is back near 145.00.
  • Elsewhere, trends are are quite steady. AUD/USD is up modestly to 0.6680, while NZD is off a touch to 0.6135. The AUD/NZD cross is back to 1.0890/95, fresh highs back to early September.
  • Coming up we have Australia consumer inflation expectations, as well as a BoJ speech, from board member Tamura. 
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