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FOREX: Yen Seeing Modest Gains Amid Weaker US Equity Futures

FOREX

As has been the case for much of this week, early G10 FX trends are focused on USD/JPY. The pair is displaying a downside bias, but follow through has been limited. We were last 143.30, up from session lows of 143.18

  • Intra-session lows from Thursday (142.85) remain intact for USD/JPY. The FX market has largely ignored the weaker than forecast rise in household spending data earlier.
  • Some support for yen is likely from weaker US equity futures, with Nasdaq tracking down around 0.55% in the first part of trade. Nasdaq cash gains in Thursday US trade outperformed other US equity indices.  
  • US yields are very steady in the first part of Friday trade. The Fed's Goolsbee stated that recent economic data trends justify multiple rate cuts, starting soon, per DJ/Market Watch.
  • The BBDXY is down slightly in early trade, last under 1230.
  • AUD/USD (last 0.6740) and NZD/USD (0.6225) are close to end Thursday levels. Earlier we had NZ Q2 volume of building work done data, which fell -0.2%q/q, against a -2.7% forecast, but NZD sentiment was unchanged.
  • Coming up we have Australian home loans data for July, which again is unlikely to be a market mover. 
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