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Risk Off Evident In G10 Currencies, USD/JPY Dips Supported Despite Higher Yields

FOREX

G10 forex trends have reflected a more risk off tone in recent dealings. The BBDXY is a touch higher, last near 1254.4, with AUD and NZD underperforming against the majors.

  • USD/JPY gapped lower to 155.50/55 as the BoJ curbed its bond buying ops for the 5-10 year tenor compared to the late April operation. JGB yields are pressing higher, with the 10yr at multi month highs near 0.94%.
  • Still, USD/JPY dips have been supported, the pair is back to 155.85 in latest dealings. We haven't been able to test 156.00 yet though.
  • AUD/USD is down 0.25% to sub 0.6590. The weaker tone to China equities, followed weaker credit data from the weekend and looming US tariff increases is a factor. Equity trends are mostly negative elsewhere as well.
  • On the data front, the NAB business conditions print for April was close to unchanged (+7, versus +9 prior0. Confidence was steady at +1.
  • NZD/USD has also weakened, down 0.20% to 0.6010.
  • We still have NZ inflation expectations due in around an hour.
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