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NZD/JPY Hits Fresh Multi Year Highs, Risk Appetite Buoyed By Nvidia Results

FOREX

The early tone to G10 FX markets has a risk on flavour. Sentiment is being driven by a firmer US equity futures backdrop, underpinned by Nvidia's better than expected earnings result and upbeat AI outlook. Nasdaq futures were last +1.20% higher, Eminis +0.67%.

  • These trends are driving yen underperformance on a cross basis. USD/JPY itself is marginally higher to 150.40. NZD/USD is back to 0.6190, close to 0.15% higher, while AUD/USD is close to 0.6555, trailing NZD gains slightly.
  • NZD/JPY is to fresh highs near 93.10, last seen in early 2015.
  • We have seen a number of data prints, albeit second tier. NZ's trade balance widened in Jan, but it didn't impact sentiment. PMIs for AU and Japan showed weakness in manufacturing but resilience in services. Again though markets haven't moved.
  • Later on, we have RBA's Bullock testifying before parliament on RBA reforms, so monetary policy may not be touched on.
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