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Stabilisation

FOREX

The U.S. dollar has stabilised and consolidates yesterday's losses stemming from the local CPI report, which suggested that inflation slowed last month. The BBDXY index oscillates around neutral levels.

  • USD/JPY has shed a handful of pips despite an uptick in U.S. e-mini contracts. The rate sank to its worst levels in more than a week Wednesday, bottoming out just above the Y132.00 mark. Worth noting that USD/JPY 1-year risk reversal is chewing into yesterday's losses, approaching the breakeven level.
  • The Aussie dollar underperforms at the margin, even as its antipodean cousin NZD sits at the top of the G10 pile. AUD/NZD trades ~20 pips lower on the day, despite Australia/New Zealand 2-year swap spread being little changed on the day.
  • Today's data highlights include weekly jobless claims & monthly PPI due out of the U.S.
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