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Yen Lags USD Sell-Off

JPY

JPY lagged the broad USD sell-off post the Asia close. USD/JPY opens this morning around 129.85, only slightly below yesterday's opening levels.

  • The pair did dip to 129.50 in the NY session but rallied back to 130.00, as firmer risk appetite supported yen cross demand and outweighed broad USD weakness.
  • The DXY index has fallen 0.66% in the past 24 hours, unwinding much of the previous session's rally. US yields were steady, with the ADP report and factory orders weaker than expected.
  • Core EU yields pushed higher, adding to to yen cross weakness. EUR/JPY is back to 139.64, with the April 21st high of 140.00 in focus.
  • The data calendar is light today, with just final readings for the services and composite PMI readings for May on tap.
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