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USD/JPY Higher, US Equity Futures Dip

CROSS ASSET

US equity futures are tracking lower, with eminis sub 4100 in the last little period. We saw support sub the 4100 level last week. The move lower doesn't appear directly related to any fresh news.

  • Much of the market focus remains on the break higher in USD/JPY, which touched a high of 132.75. A flurry of comments from Japanese officials hasn't impact sentiment.
  • But some suggest BoJ Gov Kuroda may have rubbed salt into the yen's wounds as he reaffirmed the Bank's commitment to the ultra-loose policy stance.
  • Japanese equites are higher but the rest of the region is generally struggling, in line with the US futures move.
  • The Nikkei 225 pulled back from a three-month high in tandem with a dip in US e-minis but then recoiled, benefitting from a cheaper yen.
  • US Cash Tsys yields are edging higher, 1-1.5bps higher. UST futures are close to worse levels for the day, aiding the JPY move.
  • Other majors are weaker against the USD but we are away from worse levels. AUD/USD is 0.7175, after an early dip to 0.7165.
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