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USD Edges Up, JPY Weakens Into Tokyo Fix

FOREX

USD direction has been muted in the first part of trade, as markets wind down ahead of the Christmas break. Ranges have been tight, with the BBDXY sitting a touch firmer relative to NY closing level, last around 1258.75, +0.10% firmer. Cross asset signals have been positive for the USD, with regional equities following offshore leads lower, while US equity futures are down a touch (-0.30/-0.40%). US cash Tsy yields are also slightly higher, 2yr to 4.28%.

  • USD/JPY was bid into the Tokyo fix, we got to a high of 132.70, but are now back to 132.60. Earlier November CPI data came out close to expectations. The two core measures were as expected (2.8% y/y for ex food and energy), while headline printed at 3.8% against 3.9% expected. Still, this is the firmest y/y pace since the early 1990s.
  • AUD/USD is around 0.6665 region, around 0.10% below NY closing levels. Credit lending figures were close to expectations, +8.9% y/y (9.0% expected). NZD/USD is off by a similar amount last around 0.6240.
  • Risk events for the rest of the Asia Pac session are limited.
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