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USD/JPY Dips Supported, A$ & NZD Softer As US Yields Tick Higher

FOREX

USD/JPY dips have been supported, the pair is back to 155.60, slightly weaker in yen terms for the session. We tested above highs from Wednesday trade but haven't seen follow through (highs of 155.70). Earlier lows came in at 155.17, post hawkish BoJ summary of opinion headlines (see this link). However, as has been the case since late last week, the market bias has been to buy dips in the pair.

  • Supporting these moves has been a further tick higher in US Tsy yields, although gains are not much beyond 1bps at this stage.
  • The BBDXY sits a touch higher, last near 1257, but still sub intra-session highs from Wednesday.
  • US equity futures sit a touch lower, while regional equity trends are mixed.
  • AUD/USD and NZD/USD are both tracking lower. AUD/USD last near 0.6570, note Wednesday lows came in under 0.6560. NZD/USD was near 0.5995. Both currencies are off around 0.15% at this stage.
  • The data focus will be on China trade figures due later. Otherwise, the event risk calendar is fairly light.
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