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JPY Off Bottom as South Korean Currency Swap Deal Confirmed

FOREX
  • JPY markets have been volatile, with USD/JPY sitting in minor negative territory having dragged off the session highs on heavy volumes. A notable volume spike in futures helped drag the pair off 144.70 cycle highs, with close to $500mln trading in futures markets inside 60 seconds. The move preceded confirmation of a new currency swap deal worth $10bln signed between Japan and South Korea - a sign of thawing relations between the countries in light of more fraught tensions with North Korea and China.
  • As a result, JPY is among the strongest performers in G10, with AUD trading similarly well. AUD/USD appears to have found a bottom at the overnight lows of 0.6596 and trades more constructively headed through the NY crossover.
  • Eurozone inflation data remains a focus, with Spanish CPI coming in ahead of expectations. Meanwhile, regional German CPIs are showing, on a weighted basis, national CPI tracking +0.3% M/M (around 0.26% M/M unrounded) and 6.4% Y/Y (around 6.38% unrounded), a little above the 0.2% M/M /6.3% Y/Y estimates coming into today.
  • Weekly jobless claims and tertiary US GDP for Q1 are the data highlights ahead, with pending home sales to follow. The preliminary German CPI release for June also crosses, with markets expecting CPI to rise 0.2% on the month, and 6.3% on a Y/Y basis.
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