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Tight G-10 Ranges, JPY Outperforming

FOREX

There has been little in the way of meaningful moves this morning. JPY is outperforming, the strongest performer in G-10 space at the margins, with USD/JPY ~0.3% softer vs. the NY close. BBDXY is 0.1% softer.

  • Japan Dec PPI Services crossed the wires this morning, the headline figure was a touch below estimates, however this is unlikely to move the needle for the BoJ.
  • BoJ's summary of opinions from the January monetary policy meeting was also on the wires. The comments reiterated themes observed previously, noting the need for continued easing as well as time to assess the impact of December's surprise YCC tweak.
  • USD/JPY has found support ahead of 129 handle, last printing at ¥129.20.
  • The Antipodeans are marginally firmer, however AUD and NZD have both respected tight ranges in early dealing.
  • There is a thin calendar for the remainder of the session. Further out we have a slew of U.S. data including Q4 GDP, new home sales and initial jobless claims.
  • A reminder that the Lunar NY Holiday will continue to impact liquidity in Asia-Pac hours, with China still out, while the observance of a national holiday in Australia will sap further liquidity from the timezone.
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