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Rebound In US Equity Futures Drives Yen Crosses Higher

FOREX

The USD has given up gains against high beta FX as US equity futures return to positive territory. JPY and to a lesser extent CHF remain underperformers. The BBDXY is back to unchanged for the session, last around 1257.40.

  • USD/JPY got above 132.80, but is now back around 132.65/70, still 0.25% weaker in yen terms for the session. A continued push higher in US cash Tsy yields is also supporting the USD (move parts of the curve +1bps for the day).
  • AUD and NZD are slightly higher for the session now. NZD/USD back to 0.6260, AUD/USD near 0.6680. NZD/JPY is now +0.45% firmer for the session, last near 83.00. Still the pair is -4.7% lower for the week.
  • Regional equities are also off their worst levels, aided by the US futures moves. Commodities are mostly firmer, with Brent back near $82/bbl.
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