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USD/JPY Off Overnight Highs, Hold Above 147.00 Ahead Of PPI

FOREX

There was a USD bid overnight as geopolitical risks increased on the back of headlines Israel in on full alert ahead of an expected attack from Iran/Hamas. The yen was the worst performing currency on Monday, falling 0.36% although this was well off lows.

  • USD/JPY is little changed in early morning trading, the pair hit a high of 148.22 overnight to now trade at 147.17.
  • Shortly we have Japan July PPI, with market consensus of a 3.1% up from 2.9% in June.
  • looking at technical levels, initial resistance is 148.22 (Aug 12 highs), with a break here opening a move to 149.77 (Aug 2 highs), to the downside initial support rests at 144.29 (Aug 7 lows).
  • Equity futures are trading little changed early, while the VIX remains elevatored above 20 still.
  • US cash Tsy curve steepened on Monday with short-end out-performing on heightened geopol risks, the 2yr remains above 4%, while the 10yr closed at 3.904%
  • There has been very little moves in the FX space this morning, all G10 currencies are trading +/-0.05%
  • Apart from Japan's PPI, we just have some 2nd tier data out of Australia while Trump will be interviewed on Twitter/X in about an hour.
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