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JPY Firms, Australian Labour Market Report On Tap

FOREX

Yen is marginally outperforming in early trading, however moves elsewhere in G-10 remain limited.

  • USD/JPY has moderated some of yesterday's gains, and is testing its 200-day EMA. The pair is ~0.3% softer, last printing ¥133.75/85. January Trade Balance printed ~¥3.5tn deficit, which was narrower than expectations.
  • AUD/USD is marginally firmer, however a narrow 10 pip range has been observed. Melbourne Institute Consumer Inflation Expectations fell to 5.1% in January. On the wires shortly we have Jan Labour Market Report, the Bloomberg survey median estimate is for an unemployment rate of 3.5%.
  • Kiwi is little changed, NZD/USD prints at $0.6280/85. AUD/NZD is holding below $1.10 in early dealing.
  • Elsewhere in G-10 EUR and GBP are both marginally higher, however moves remain limited.
  • Cross asset wise: US equity futures have firmed and BBDXY is moderately softer as it ticks away from its 50-Day EMA meeting resistance there in late trade yesterday.
  • As mentioned, Australian labour market data will cross shortly. Further out we have US PPI and initial jobless claims.
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