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FOREX: Yen Outperforms, USDJPY Lowest Since Mid-2023

FOREX
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The USD index is down 0.2%, pressured by the apparent attempt to assassinate former President Trump, with all of the G10 stronger against the greenback. The yen has outperformed finding support from risk adverse trades but also expectations that the Fed will ease on Wednesday and that the BoJ’s next move will be a hike, even if it isn’t on Friday.

  • USDJPY is down 0.5% to 140.18 after a low of 139.96, the first break below 140 since 2023 and strongest since July 2023. It continues to hold below support at 140.25, 28 December 2023 low. Liquidity is thin given the holiday not just in Japan but also South Korea and China.
  • AUDUSD is 0.3% higher at 0.6726, close to the intraday high of 0.6730. AUDJPY is down 0.1% to 94.35 and has range traded today.
  • NZDUSD is up 0.3% to 0.6174 after a high of 0.6181. Services data and NZIER forecast report showed that the economy remains weak. Further rate cuts are expected. AUDNZD is 0.1% higher at 1.0895 with moves above 1.09 being brief.
  • European currencies have outperformed, apart from the yen, with EURUSD up 0.2% to 1.1097. USDSEK is down 0.4% to 10.195 and USDNOK -0.4% to 10.618. USDCHF is down 0.3% to 0.8462 resulting in EURCHF falling 0.1% to 0.9391. GBPUSD up 0.2% to 1.3154. BoE is not expected to cut rates at its Thursday meeting.
  • Later the NY Empire manufacturing index for September and euro area July trade data print. The ECB’s Lane and de Guindos make appearances today. 
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The USD index is down 0.2%, pressured by the apparent attempt to assassinate former President Trump, with all of the G10 stronger against the greenback. The yen has outperformed finding support from risk adverse trades but also expectations that the Fed will ease on Wednesday and that the BoJ’s next move will be a hike, even if it isn’t on Friday.

  • USDJPY is down 0.5% to 140.18 after a low of 139.96, the first break below 140 since 2023 and strongest since July 2023. It continues to hold below support at 140.25, 28 December 2023 low. Liquidity is thin given the holiday not just in Japan but also South Korea and China.
  • AUDUSD is 0.3% higher at 0.6726, close to the intraday high of 0.6730. AUDJPY is down 0.1% to 94.35 and has range traded today.
  • NZDUSD is up 0.3% to 0.6174 after a high of 0.6181. Services data and NZIER forecast report showed that the economy remains weak. Further rate cuts are expected. AUDNZD is 0.1% higher at 1.0895 with moves above 1.09 being brief.
  • European currencies have outperformed, apart from the yen, with EURUSD up 0.2% to 1.1097. USDSEK is down 0.4% to 10.195 and USDNOK -0.4% to 10.618. USDCHF is down 0.3% to 0.8462 resulting in EURCHF falling 0.1% to 0.9391. GBPUSD up 0.2% to 1.3154. BoE is not expected to cut rates at its Thursday meeting.
  • Later the NY Empire manufacturing index for September and euro area July trade data print. The ECB’s Lane and de Guindos make appearances today.