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USD/JPY Supported On Dips, Steady FX Trends Elsewhere

FOREX

Early G10 FX trends are relatively steady. The BBDXY USD index is unchanged at 1226.60 in latest dealings.

  • USD/JPY has seen some volatility, albeit supported on dips. Earlier lows printed at 144.24, before the pair rebounded to 144.70/75, slightly weaker in yen terms versus end Monday US levels (-0.15%).
  • This is above Monday highs, but we are still short of Friday's highs close to 146.50.
  • The services PPI rose less than forecast up 2.8% y/y, but remain elevated by historical standards. Market sentiment wasn't impacted.
  • In the cross asset space, US equity futures are down a touch after Monday's cash losses. US yields are also a touch weaker in early dealings. Losses are less than 1bps at this stage.
  • Some focus may rest with oil price developments, with US Tsy yields lagging the recent rebound in crude.
  • Other FX moves are relatively steady. AUD and NZD are both close to unchanged versus the USD.
  • The data calendar has China industrial profits coming up, but otherwise the data calendar is empty for the rest of the Asia Pac session.
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