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​USD/JPY Dips, But Buying Interest Evident Sub 136.00, NZD Shrugs Off Sentiment Plunge ​​

FOREX

The US has been under pressure since the start of the session, with JPY leading the move higher. The BBDXY is back sub 1263, around 0.10/0.15% down on closing levels from the end of last week. Cross asset signals have been mixed, with US cash Tsy yields around 2bps firmer across the curve. US equity futures are also higher though, while regional equity sentiment is mostly downbeat.

  • USD/JPY opened lower following the weekend report from Kyodo around a potential tweak to the BoJ's inflation mandate. We touched a low of 135.79, before rebounding back above 136.50. The pair turned offered again ahead of the Tokyo fix, but is still finding support sub 136.00, last at 136.15.
  • AUD/USD is also firmer, although found selling interest above 0.6710, last close to 0.6700.
  • NZ has held up quite well, despite a drop in consumer confidence to a record low (75.6 from 87.6). The services PMI slipped to 53.7 from 57.1. NZD/USD was last back close to 0.6390. The AUD/NZD cross was firmer in the first part of trading but is now back to 1.0490, lows from the NY Friday session were close to 1.0470.
  • Other pairs are firmer against USD, with gains in the 0.10-0.20% region. EUR/USD is back close to the 1.0600 handle.
  • Event risks are light for the rest of the Asia pac session.
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