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USD Firms, USD/JPY Through Monday Session Highs

FOREX

The USD has recouped early session losses, with the BBDXY back close to 1227.50, slightly above NY closing levels. Cross asset flows are modest, although US equity futures have softened, while US cash Tsy yields have firmed a touch, likely helping the USD at the margins.

  • Headline flow has been light, but much of the focus in the majors remains on USD/JPY. We got to a low of 128.22 but have rebounded strongly, back above close to 129.00 and through Monday session highs, before selling interest emerged (last at 128.80/85).
  • AUD/USD is outperforming, up around 0.15% to 0.6965, outperforming a softer commodity price backdrop. Earlier, Westpac consumer confidence for January rose at its fastest pace since April 2021.
  • NZD/USD was last at 0.6385, lagging somewhat, but only at the margins.
  • EUR/USD is down a touch, last near 1.0815.
  • Coming up shortly is Q4 GDP data for China and Dec monthly activity prints.
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