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Free AccessUSD/JPY Firms Ahead Of BoJ, USD Slightly Higher Elsewhere
The USD is marginally firmer in the first part of trading. Not surprisingly, focus remains on USD/JPY ahead of the BoJ outcome later. USD/JPY is higher in the first part of trade, back into the 128.80/90 region, as we head into the Tokyo fix. This is close to +0.60% versus NY closing levels. Yesterday we saw selling interest emerge on moves above 129.00. Earlier, Japan machine order data was weaker than expected for Nov (-8.3% m/m, versus -1.0% forecast).
- The BBDXY last sat just above 1226.70, with most other currencies weaker against the US, albeit comfortably within recent ranges. In the cross asset space, US equity futures are tracking 0.25-0.30% lower at this stage, while regional equities are mixed. US yields are down -1/-1.5bps across the curve.
- AUD/USD is off slightly, last at 0.6980, still struggling to break above 0.7000. Verbal jawboning on iron ore prices from the China authorities has again appeared today. The Singapore active futures were last around $121.60/ton, slightly above recent lows.
- NZD/USD is outperforming slightly, holding close to 0.6430 at this stage. Earlier data pointing to weaker consumer spending and housing trends extending into 2023.
- Coming up, all focus rests with the BoJ outcome.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.