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USD/JPY Through Monday Highs, Steady Trends Elsewhere, RBA In Focus Later

FOREX

The USD is tracking slightly firmer in the first part of Tuesday dealings. The BBDXY was last up a touch near 1252.

  • Yen weakness has continued, with USD/JPY through Monday highs to print at 154.28. We last tracked close to these highs, around 0.20% weaker in yen terms.
  • Comments from FX Chief Kanda have crossed the wires. He didn't have a comment to weekend remarks from US Treasury Secretary Yellen, which noted FX interventions should be rare and consultations should take place (per BBG).
  • Kanda stated that FX intervention wouldn't need to take place if markets behaved in an orderly fashion. He added the authorities will take appropriate action if FX moves are too rapid (BBG).
  • Elsewhere, trends are close to steady. AUD last near 0.6625, NZD, around 0.6010.
  • US Tsys futures have had a steady start, while US equity futures sit down a touch.
  • We have some Japan PMI revisions and Q1 real retail sales data for Aust on tap this morning. However, the main focus will be on the RBA decision last. No change is expected, but the RBA language will be eyed, particularly around risks of any further tigthening. Forecast changes could also be in focus.
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