USD/JPY Pushes Above 151.00 But Limited Follow Through, USD Slightly Firmer Elsewhere

The USD is seeing modest gains in the first part of Wednesday trade. The BBDXY last a touch higher near 1241.

• Focus is likely to remain on USD/JPY in the near term. The pair is attempting to break above 151.00, which is above highs from late US trade on Tuesday.
• A reminder that Japan markets are out today for a local holiday. A clean break above 151.00 could see Nov 23 highs at 151.91 targeted. This of course is likely to bring increased focus around intervention risks. We also have a 151.00 ($500mn) option expiry later today for NY cut.
• Elsewhere we have NZD and AUD down a touch. AUD/USD last just under 0.6530, while NZD/USD is at 0.6045/50. Earlier we had better than expected NZ Q4 current account data, but this didn't impact sentiment.
• Relative commodity shifts are aiding higher AUD/NZD levels at the margin. NZ dairy prices weakened, while iron ore has bounced back towards $106/ton. The AUD/NZD cross sits just off recent highs, last near 1.0790.
• Coming up later we have the China LPR outcomes, although a steady hand is expected. Later on the US session, the FOMC will take center stage.