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Outperforms As Risk Off Sends Core Yields Lower

JPY

Yen was the only G10 currency to rise against the USD for Tuesday's session. The yen gained 0.36%, against a +0.50% rise for the DXY. Broader USD sentiment was supported amid risk-off flows as US equities fell amid renewed banking sector concerns.

  • Such sentiment also aided the yen, with USD/JPY getting down sub 133.40 late in NY before rising back to 133.70/80 into the close.
  • The early tone to US equity futures is higher for Wednesday, particularly in the tech space, post late earning beats. USD/JPY is holding around 133.70/80 in early dealings.
  • The sharp fall in US yields (2yr back to 3.95%) is still pointing to USD/JPY downside. We did breach the 20-day EMA (133.48) late in NY trade, but couldn't sustain these levels. Hence this level could be watched today. Beyond that lies the Apr 13 low at 132.02. On the topside, resistance is at the Apr 19 high at 134.13.
  • USD/JPY vols remained relatively well behaved, the 1 month still with a 10% handle, albeit up from recent lows. The 1 month risk reversal trended down to -1.90.
  • The local data calendar is quiet today.
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