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USD Marginally Higher, Japan MoF Intervention Figures Out Later

FOREX
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The BBDXY index sits marginally higher, last just above the 1253.25 level. Overall FX moves have been fairly contained though in the first part of Friday trade.

  • The BBDXY sits higher for the week, albeit away from Thursday highs (near 1256.6). Today, cross asset signals have been mixed. US equity futures sit lower, but regional Asia Pac markets are higher. US yields are close to unchanged.
  • USD/JPY got just under 156.60 earlier, but sits back at 156.80 in latest dealings, unchanged for the session. FinMin Suzuki reiterated familiar FX verbal jawboning, which provided some yen support but there was no follow through.
  • Japan had a number of data releases, with most focus on the Tokyo CPI print. IT was close to expectations, albeit with some further loss of momentum for y/y core prints.
  • AUD/USD is around 0.6630, down a touch for the session. We had softer than forecast China PMI prints. This didn't impact sentiment greatly. NZD/USD is a touch higher but at 0.6120 remains comfortably within recent ranges.
  • EUR/USD sits lower last near 1.0815, aiding the broader recovery in USD indices.
  • Looking ahead, we have Japan MoF intervention data (out early evening Tokyo time). Eurozone CPI figures will be the focus of the European session before US April PCE deflator and Canadian GDP round off the week’s calendar.
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The BBDXY index sits marginally higher, last just above the 1253.25 level. Overall FX moves have been fairly contained though in the first part of Friday trade.

  • The BBDXY sits higher for the week, albeit away from Thursday highs (near 1256.6). Today, cross asset signals have been mixed. US equity futures sit lower, but regional Asia Pac markets are higher. US yields are close to unchanged.
  • USD/JPY got just under 156.60 earlier, but sits back at 156.80 in latest dealings, unchanged for the session. FinMin Suzuki reiterated familiar FX verbal jawboning, which provided some yen support but there was no follow through.
  • Japan had a number of data releases, with most focus on the Tokyo CPI print. IT was close to expectations, albeit with some further loss of momentum for y/y core prints.
  • AUD/USD is around 0.6630, down a touch for the session. We had softer than forecast China PMI prints. This didn't impact sentiment greatly. NZD/USD is a touch higher but at 0.6120 remains comfortably within recent ranges.
  • EUR/USD sits lower last near 1.0815, aiding the broader recovery in USD indices.
  • Looking ahead, we have Japan MoF intervention data (out early evening Tokyo time). Eurozone CPI figures will be the focus of the European session before US April PCE deflator and Canadian GDP round off the week’s calendar.