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USD/JPY Back Sub 156.00, NZD/USD Around Multi Month Highs

FOREX

Early G10 FX trends are skewed towards USD weakness. The BBDXY sits back near 1251, off close to 0.1%. All the majors are up against the dollar at the stage.

  • USD/JPY sits back near 155.75/80, close to 0.25% stronger in yen terms. This keeps us within recent ranges for pair. Yen underperformed in Wednesday trade amid better risk appetite for equities.
  • In the cross asset space, US yields have opened up a touch higher, but are largely holding weekly losses (10yr down over 20bps). US equity futures are a touch higher, while regional equities should be supported given US/EU moves from Wednesday.
  • Coming up soon we have a speech from BoJ member Nakamura in Sapporo (10:30am local time).
  • AUD/USD is higher, last around 0.6660, up nearly 0.20% as well. Coming up we have April housing finance and trade figures on tap.
  • NZD/USD is trailing slightly, up 0.1%, last near 0.6200. We are around fresh highs back to early March in the pair. The earlier weaker than expected Q1 building work print (-4.0%, versus -0.5% forecast) hasn't impacted sentiment.
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