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NZD/USD Through Monday Lows, USD/JPY Down Modestly Post Firmer CPI

FOREX

Early G10 forex trends are similar to yesterday. NZD is lower, whilst yen is outperforming at the margins. The BBDXY is largely unchanged though, last near 1241.50.

  • USD/JPY has drifted down post the stronger than Jan national CPI print, but follow through has been limited. We were last in the 150.55/60 region. Earlier highs were at 150.71 (lows for the session rest at 150.51).
  • The data showed a sequential easing in y/y inflation pressures, but not as much as the market forecast. Services m/m inflation also ticked higher in Jan, so a hawkish development for the BoJ at the margins.
  • NZD/USD is off 0.20%, last near 0.6160, which is just under Monday session lows. This comes ahead of tomorrow's RBNZ outcome. AUD/USD is also lower, last near 0.6535, but not down as much as NZD. The AUD/NZD cross is back above 1.0600.
  • In the cross asset space, US equity futures are down modestly at this stage, following Monday cash losses. US yields have opened up close to unchanged.
  • The data calendar is quiet in the G10 space for the rest of the session, but note we have Kansas City Fed President Schmid talking soon (in around 25 mins).
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