USD/JPY Upticks Faded, AUD/NZD Pushing Higher

Overall FX ranges have been modest in the first part of trading. The bias is for slightly weaker USD levels, but this trend isn't uniform across the G10 space. The BBDXY is down slightly to 1254, -0.10% off for the session so far. In the cross asset space, US cash Tsy yields are around 1-2bps firmer across the curve, although much of the focus rests on Japan moves. The 2yr yield ticking above 0% for the first time since 2015. Equities are mixed in the region, US futures are higher though (+0.30/0.35%).

• USD/JPY has broadly tracked ranges from late in NY trading, albeit with a downside bias. Moves up to 132.00 have drawn selling interest, while we threaten 131.50 heading in the Tokyo fix (last around 131.55/60).
• NZD is underperforming, last back to 0.6340, -0.15% for the session. A poor ANZ consumer sentiment update adding to this week's run of very weak survey outcomes. AUD/NZD is pushing higher, last at 1.0550, with recent highs just above 1.0565.
• AUD/USD has edged back above 0.6685. The Westpac leading index fell by -0.13% in November.
• The data calendar is fairly empty for the rest of the Asia Pac session.