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USD Firms, Supported By Weak US Tsys

FOREX

For the most part of today's session the USD has gained ground against the majors. The BBDXY sits around 0.20% above end 2023 levels, last near 1215.20. Helping sentiment has been a softer US Tsy futures tone, with cash trading closed due to Japan markets remaining out. The other USD support has been a mixed regional equity tone, with Hong Kong and China related equity losses evident.

  • USD/JPY drifted lower in early trade, down to 140.82, perhaps amid some caution post yesterday's earthquake/tsunami. However, we climbed back to 141.55 by this afternoon, a yen loss of around 0.50%. CHF has also lost ground down by the same amount against the USD.
  • NZD/USD faltered as well, off 0.3%, last near 0.6300. Onshore markets return tomorrow, while Japan markets return on Thursday.
  • AUD/USD has outperformed. Higher iron ore prices likely helping at the margin. The pair was last near 0.6815/20, so up slightly versus end 2023 levels. The China Caixin PMI printed better than expected, although this hasn't been reflected in China related equity performance.
  • EUR/USD sits down a little over 0.2%, last near 1.1020.
  • Looking ahead, the data calendar has the final Dec PMI reads for the UK, EU and the US.
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