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USD/JPY Pushes Back Above 142.00, China Activity Data & MLF Due Later

FOREX

USD/JPY strength is the main feature of early Asia Pac Friday trade. The pair is back to 142.25/30, around +0.30% firmer versus Thursday closing levels in NY. This has helped the BBDXY firm a touch to 1222.5, although we remain close to Thursday intra-session lows.

  • There doesn't appear to be any direct catalyst for the modest yen weakness. US Tsy futures have opened up steady in contrast to yesterday's session where we saw an early push higher post the FOMC.
  • US equity futures are close to flat, Eminis down a touch. Elsewhere, EUR/USD holds sub 1.1000.
  • AUD/USD is near 0.6700, with preliminary PMIs for Dec showing improvement in the services side, but this prints didn't impact sentiment.
  • NZD/USD is at 0.6210, a touch above NY closing levels from Thursday.
  • The main upcoming focus will be the China 1yr MLF decision and Nov activity prints.
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