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Remains The Weakest Link In The G10 Space

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Yen was once again the weakest link in the G10 space. The currency is around 0.80% weaker for Monday's session, last tracking near 130.70. Most other currencies were up against the USD, with positive risk appetite emanating from the equities space. USD indices were around flat, thanks in large part to yen weakness.

  • We got close to 130.90 in the NY session, while the 20-day EMA comes in close to 131.00, beyond that is the post BoJ highs above 131.50.
  • The strong take up of the loan for bonds program yesterday is expected to help cap JGB yields, while in the swap space differentials with the US continue to widen, now back out to +245bps, from sub +220bps in mid-January in the 10yr space.
  • Onshore, the country's top utility company is looking to raise power rates by around 30% for households, although it has to seek government approval. This would add to headline inflationary pressures.
  • On the data front today, preliminary January PMIs print for manufacturing and services, while later on department store sales are also due.
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Yen was once again the weakest link in the G10 space. The currency is around 0.80% weaker for Monday's session, last tracking near 130.70. Most other currencies were up against the USD, with positive risk appetite emanating from the equities space. USD indices were around flat, thanks in large part to yen weakness.

  • We got close to 130.90 in the NY session, while the 20-day EMA comes in close to 131.00, beyond that is the post BoJ highs above 131.50.
  • The strong take up of the loan for bonds program yesterday is expected to help cap JGB yields, while in the swap space differentials with the US continue to widen, now back out to +245bps, from sub +220bps in mid-January in the 10yr space.
  • Onshore, the country's top utility company is looking to raise power rates by around 30% for households, although it has to seek government approval. This would add to headline inflationary pressures.
  • On the data front today, preliminary January PMIs print for manufacturing and services, while later on department store sales are also due.