USD/JPY Dips In Early Trade, But Doesn't Test Friday Lows, Q4 GDP Revisions Below Forecasts

Yen strength has been an early feature in Monday Asia Pac FX trade. This has dragged the BBDXY lower, with the index back near 1228.50, which is a touch below end levels from last week.

• Intra-Friday lows in the BBDXY (post the NFP print) came in close to 1225, so we remain some distance from those levels. US equity futures have opened a touch lower, after cash losses in Friday trade. Regional equity markets are mostly lower, for those that have opened.
• US yields are a touch higher, but comfortably within recent ranges in early dealings.
• USD/JPY got to 146.71 earlier, but we sit back near 146.85/90 in recent dealings. Japan Q4 GDP revisions were not as strong as expected. Annualized q/q growth at 0.4%, versus 1.1% projected, while the initial estimate was -0.4%. Capex was revised up, although not as much as the market expected, while consumption growth was nudged down a touch.
• Friday lows in USD/JPY came in at 146.49.
• AUD and NZD sit a touch weaker, with regional equity losses a likely headwind, but overall moves are muted so far. AUD/USD last near 0.6620, NZD/USD close to 0.6175.
• The data calendar is largely empty for the rest of the day, leaving markets on headline watch and likely driven by broader risk appetite.