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JPY Stays Weak Despite Equity Backtrack

FOREX
  • JPY headed into US hours at the bottom of the G10 table, and holds that position into the NY close. USD/JPY made light work of resistance ahead of the 116 handle, topping the mark and rallying to touch the best levels since early 2017.
  • USD/JPY front-end risk reversals rose in sympathy with spot, prompting 1m RR to almost entirely reverse the omicron-inspired plunge at the end of November, with the contract closing in on the -0.2 points last seen on Nov25.
  • Stocks charged higher at the open, helping boost the likes of AUD, NOK and CAD, which held their strength despite a moderation in equity prices after the open.
  • The greenback held its ground for much of the European morning, but a miss on expectations for the ISM Manufacturing release worked against the USD Index, with particular attention paid to the subpar prices paid index - another metric that may suggest inflation could be nearing a medium-term peak.
  • Final Eurozone PMI data crosses Wednesday as well as the December ADP Employment Change report. Fed minutes are also on the docket.
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