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USD Sticks To Familiar Ranges, JPY Underperforms Against NZD & AUD

FOREX

The BBDXY has tracked recent ranges through today's session. We got above 1229 but found selling interest at this level, which is consistent with recent sessions. We are back at 1226.70 now, little changed for the session. Yen has underperformed slightly, particularly against AUD and NZD.

  • USD/JPY got to 129.15, which was above Monday's high, but we are now back to 128.60/65, slightly higher for the session. US cash Tsy yields are firmer, mostly at the back end, +2.9bps for the 10yr to 3.53%, as cash trading resumed following the US MLK holiday.
  • US equity futures are weaker, but at this stage this hasn't weighed on AUD and NZD materially. AUD/USD is back to 0.6970, slightly down on session highs, which came after China data beat expectations. The better data hasn't inspired Asian FX though, while commodity prices are mixed. Iron ore is steady, close to $120/ton, but copper is off 2% from Friday closing levels to $413 (CMX basis).
  • NZD/USD is back to 0.6400, +0.30% firmer, but has run out of momentum above this level in recent session.
  • EUR/USD was supported towards 1.0800, now back at 1.0830. The ECB's Lane said in the FT that a policy rate around 2% is in the ballpark from a neutral standpoint.
  • Looking ahead, UK employment figures will cross before US traders return and Canadian CPI will be published.
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