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USD/JPY Unable To Breach Thursday Highs, A$ & NZD Down a Touch

FOREX

Early G10 trends are skewed towards USD gains, although overall moves are fairly modest at this stage. The BBDXY index is little changed, last near 1248.15.

  • USD/JPY remains in focus. Session highs to date have been 147.82, which is just short of Thursday highs at 147.90. The pair last tracked at 147.40, off a modest 0.10%.
  • US equity futures opened modestly higher (although more so for the Nasdaq, the Eminis are flat), but follow through has been limited.
  • This follows strong cash gains in Thursday trade. The dip in initial jobless claims seemingly lowering recession fears. Asia Pac markets which are open at this stage are rallying as well.
  • US cash Tsy yields have opened down a touch, with front end yields off a little over 2bps at this stage. This may be capping upside in USD/JPY at the margins. CHF is close to steady.
  • AUD and NZD both sit down a touch, the Kiwi slightly underperforming. AUD/USD last at 0.6585, NZD/USD back close to 0.6000/05. The AUD/NZD cross is near 1.0970, close to Thursday highs.
  • Outside of China inflation figures, the event risk calendar is light for Friday Asia Pac session.
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