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USD/JPY Rebounds From Earlier Lows, A$ Weighed By Iron Ore Weakness

FOREX

Yen swings remain a key G10 focus point. USD/JPY sits above earlier lows, the pair last near 146.90/95. Earlier lows were at 146.54, which is slightly above Friday lows of 146.49. The BBDXY is back to 1228.9, up off earlier lows.

  • Cross asset signals don't appear to be a major driver of sentiment so far today. US yields are lower towards the back end (10yr back to 4.06, off 1bps), but the 2yr is holding up better last a touch higher in yield terms at 4.48%.
  • US equity futures are down modestly, while regional equities are mostly lwoer, led by Japan (-2% for the Topix, with a firmer yen trend weighing). HK and China markets are up but away from best levels.
  • This isn't helping AUD or NZD much though. AUD/USD is off around 0.15%, last near 0.6610/15, while NZD is down a more modest 0.05%, last near 0.6175.
  • Iron ore is weaker in the first part of trade, last near $111/Ton, which is fresh lows back to late Oct last year.
  • AUD/JPY is a touch above earlier lows, last in the 97.15/20 region, (we got to 97.075 earlier). The simple 100-day MA isn't too far away close to 97.00.
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