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JPY Slides Ahead of Formal Ueda Nomination

FOREX
  • JPY is sliding early Monday, with the currency weaker against all others in G10 just a few days out from the formal nomination of Ueda as the new BoJ governor. His nomination is expected to be presented to parliament tomorrow, ahead of which EUR/JPY sits back above the 50-dma at 141.55 and USD/JPY just shy of the Y133.00 handle.
  • Currencies are more mixed elsewhere, with the greenback solidly mixed. The USD Index closed back above the 50-dma on Friday, opening gains toward 103.964. A break above here puts the USD at the strongest level since early January.
  • NZD is modestly the best performer ahead of the NY crossover, however recent ranges are being largely respected. Next target for NZD/JPY sits at 84.21, a break above which opens 84.92 in the medium-term.
  • The schedule is less busy Monday, with few datapoints or risk events on the docket. Fed's Bowman, ECB's Knot and Centeno are scheduled to speak, while Lagarde and Panetta attend a Eurogroup meeting.
  • Markets look to Tuesday for direction, with the January CPI report in focus. Analysts look for CPI to slow to 6.2% Y/Y, and 5.5% for the core metric.
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