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USD/JPY Finds Early Support Sub 149.00, US Equity Futures In The Red

FOREX

Similar to yesterday's session, the early impetus to USD/JPY is to the downside. The pair has tested back under 149.00, before rebounding. The BBDXY was last little changed near 1258.

  • USD/JPY is near 149.05/10, around 0.20% stronger in yen terms (earlier lows in the pair were 148.88) Eyes will be on the 148.51 low from yesterday if we see more weakness.
  • Supporting the yen is a softer US equity futures backdrop, although we are away from worst levels. Nasdaq futures last off 0.50%, as tech earnings concerns weigh from late Thursday in the US.
  • Broader US growth concerns following the ISM miss on Thursday is also remains a driver of sentiment. US 10yr futures hold close to Thursday highs.
  • AUD/USD and NZD/USD have ticked lower in the first part of trade. The A$ last near 0.6500, NZD/USD close to 0.5940, with the Kiwi underperforming.
  • Coming up we have BoJ Rinban ops, which be eyed in light of BoJ's taper announcement on Wednesday. We also have Australian PPI and housing finance, but these releases are unlikely to shift market sentiment.
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