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Little Follow Through To Yen Weakness, Despite Improved Risk Appetite

JPY

USD/JPY spiked in early trade, getting just above 132.50, but couldn't sustain these gains. The pair is now back to 131.85/90, close to unchanged versus NY closing levels at the end of last week. The initial market reaction to the UBS take over of Credit Suisse has been risk positive, with US equity futures higher, while bond futures have fallen.

  • This is driving some modest yen underperformance against higher beta plays with G10 FX today, but only at the margins.
  • Yen was the strongest G10 performer from Friday's session, rising 1.4%. To the extent risk appetite is on a firmer footing today, we may see some of this outperformance unwound. The yen continues to follow the trajectory of US yields fairly closely, so spill-over in this space could be key for the yen today.
  • Note the simple 50-day MA comes in around 132.55, so this could be a resistance point and it also coincided with earlier highs from today. On the downside is Friday session lows near 131.50 in terms of near-term levels.
  • The local data calendar is devoid of risk events today.
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