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USD Lower, JPY and AUD Higher

FOREX

The USD is lower to start the week, but up from session lows. The BBDXY was last around 1262.50, -0.15% for the session. Much of the focus has been on the yen, following weekend reports of a possible shift in the BoJ's inflation mandate.

  • USD/JPY dipped to a low of 135.77 before support emerged. The Japanese Cabinet Secretary pushed back on any change to the BoJ mandate. This took us off the lows and we last tracked around 136.20, with firmer UST yields at the back end arguably providing some support.
  • AUD/USD has tracked high as well but has lost momentum this afternoon. The pair was last around 0.6705, still +0.30% for the session. News that Australian Foreign Minister Wong will visit China on Tuesday provided some support, although only at the margins.
  • NZD/USD has been a laggard, last around the 0.6370/75 region, flat for the session. Weaker domestic survey data has likely weighed, with the Westpac Consumer Sentiment Index dropping to a record low. The AUD/NZD cross is back above 1.0500, last at 1.0515.
  • EUR/USD is back above 1.0600 +0.20% for the session.
  • Coming up, we have ECB speak and German IFO data. In the US the NAHB index prints.
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