USD Maintains Recent Ranges, JPY Finds Some Support

The BBDXY is still sub NY closing levels, but up from earlier session lows near 1223. We last tracked near 1224.00 (-0.10% for the session). A firmer yen tone has persisted, with JPY up 0.35% at this stage. Other pairs have seen more modest gains against the USD.

• With many regional centers and China still out for the LNY break, cross asset signals have been fairly muted. US cash Tsy yields mostly steady. The regional equity tone is positive led by Japan stocks, but this is largely following firm gains in offshore markets through Monday's session, particularly in the tech space.
• USD/JPY has traded with a weaker bias, last around 130.20/25. PMI services data was slightly better than expected, while manufacturing was steady and still in contraction territory.
• AU and NZ survey data hasn't shifted the needle ahead of tomorrow's key CPI outcomes for both economies.
• AUD/USD was last at 0.7035, highs for the session were at 0.7045. NZD/USD is attempting a move above 0.6500. Dips in both currencies have been supported. EUR/USD is a touch higher last around 1.0875/80.
• Coming up, flash PMIs for Jan are due across the major economies and the EU area. In the US the Richmond Fed index is also due.