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USD Slightly Softer, USD/JPY Sees Selling Interest Near 154.00

FOREX

Early G10 FX trends are skewed towards USD weakness. The BBDXY index last down a touch to 1256.85.

  • USD/JPY remains the focus point. The pair getting to 153.40 in early trade after opening near 153.95. We last tracked near 153.65/70, around 0.20% stronger in yen terms. Yesterday's lows sub 152.00 remain some distance away.
  • Headline flow has seen some comments from FX Chief Kanda that disorderly moves in FX markets can have negative effects (which was discussed at the G20 meeting).
  • The July Tokyo CPI was slightly below market forecasts. USD/JPY rose a little on the print, but found selling interest on this move.
  • In the cross asset space, US yields are down slightly in early trade. US equity futures are up 0.25-0.30%.
  • AUD/USD and NZD/USD are both firmer, but lagging yen at this stage. The A$ last 0.6545, NZD/USD near 0.5890. We had the ANZ NZ consumer sentiment print earlier, which bounced +5.6% to 87.9. Sentiment boosted by prospects of rate cuts.
  • Asia Pac risk events are light for the remainder of the session.
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