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USD/JPY Off Earlier Highs As US yields Slip, Chunky A$ Option Expiry Later

FOREX

Earlier USD gains haven't been sustained, the BBDXY USD index ticking down to 1247.0. Overall moves remain modest though compared to volatility in the first part of this week.

  • USD/JPY is back towards 147.05/15 in recent dealings, against earlier highs of 147.82. Regional equity markets are green across the board, a typical yen headwind this week. However, US futures are around flat, while US yields are tracking lower, the front end off nearly 3bps for US Tsys (a yen support).
  • We are some distance from Thursday intra-session lows though at 145.44.
  • There doesn't appear a fresh catalyst for these yield moves. It only partially reverses gains seen in Thursday trade.
  • Elsewhere, NZD/USD has recouped earlier losses, is up near 0.6020 (lows for the session at 0.6002).
  • AUD is lagging, last near 0.6590. There is a chunky option expiry for NY cut later at 0.6600 (A$ 2.88bn, per BBG), so that may be impacting spot today.
  • Other G10 FX moves are very modest.
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