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Sterling Softens After Six-Day Recovery Rally, Yen Firms Amid Cautious Mood

FOREX

Sterling is trading on a softer footing, with the recovery in cable losing steam after the pair returned to its pre-mini budget levels. Spot GBP/USD trades ~25pips lower in early Tokyo trade amid continued jitters surrounding the UK government's fiscal plans, with PM Truss set to address the Conservative Party conference later today.

  • Weakness in e-mini futures is translating into a light bid in safe-haven currencies. The yen leads gains in G10 FX space as participants assess a soft batch of U.S. economic data released Tuesday, with lower U.S. Tsy yields weighing on USD/JPY.
  • The RBNZ will announce its interim (non-MPS) monetary policy review at the top of the hour. There is broad consensus that the Monetary Policy Committee will deliver the fifth consecutive 50bp hike to the OCR, bringing the key policy rate to 3.50%. Forward-looking comments will likely provided the highlight of the statement, with participants looking for hints on further tightening trajectory.
  • U.S. ADP employment change, trade balance, as well as a suite of Services PMI readings from across the globe will take focus after Asia hours. Fed's Bostic & Kashkari are set to speak.
  • Financial markets in China and India are closed today.
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