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FOREX: USD Index Softer, USD/JPY Eyeing Tuesday Lows, AU CPI Coming Up

FOREX
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Early G10 dealings are skewed against the USD, with yen firming in recent trade. The USD BBDXY index is down a touch, last near 1283.6. We are still above recent lows of 1281.2, but the technical set up looks poor this index. 

  • USD/JPY is tracking lower, the pair last near 148.70/75 (up around 0.20% in yen terms). Intra-session lows from Tuesday printed at 148.57, which could be a short term downside target. Futures volumes have pushed higher on this move, although are within recent ranges for this time of day.
  • US Tsy yields are little changed in the first part of dealing, holding losses from Tuesday's session.  EUR/USD has edged up to 1.0520/25
  • AUD/USD is a little higher last near 0.6350. We have the Jan monthly CPI print coming up. This print doesn't include services price updates so is less useful from that standpoint (these updates come in the mid month of the quarter, so Feb).
  • Copper prices, per CMX are holding above $470, following Trump's earlier headlines around possible copper tariffs. This may be aiding the AUD at the margin, but Iron ore is off recent highs.
  • NZD/USD is close to 0.5730, so like the AUD, up a touch but this follows Tuesday's underperformance, amid softer US equity tones. US equity futures are firmer in the first part of Tuesday dealing, up 0.25-0.35%, led by the Nasdaq.
  • Outside of the AU CPI release due in around 15mins (we also have Aust Q4 construction work done due), the data calendar is light for the remainder of the Asia Pac session. 
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Early G10 dealings are skewed against the USD, with yen firming in recent trade. The USD BBDXY index is down a touch, last near 1283.6. We are still above recent lows of 1281.2, but the technical set up looks poor this index. 

  • USD/JPY is tracking lower, the pair last near 148.70/75 (up around 0.20% in yen terms). Intra-session lows from Tuesday printed at 148.57, which could be a short term downside target. Futures volumes have pushed higher on this move, although are within recent ranges for this time of day.
  • US Tsy yields are little changed in the first part of dealing, holding losses from Tuesday's session.  EUR/USD has edged up to 1.0520/25
  • AUD/USD is a little higher last near 0.6350. We have the Jan monthly CPI print coming up. This print doesn't include services price updates so is less useful from that standpoint (these updates come in the mid month of the quarter, so Feb).
  • Copper prices, per CMX are holding above $470, following Trump's earlier headlines around possible copper tariffs. This may be aiding the AUD at the margin, but Iron ore is off recent highs.
  • NZD/USD is close to 0.5730, so like the AUD, up a touch but this follows Tuesday's underperformance, amid softer US equity tones. US equity futures are firmer in the first part of Tuesday dealing, up 0.25-0.35%, led by the Nasdaq.
  • Outside of the AU CPI release due in around 15mins (we also have Aust Q4 construction work done due), the data calendar is light for the remainder of the Asia Pac session.