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USD Weaker, AUD/JPY Rebounds

FOREX

The USD tone is a slightly softer one in the first part of trading. The exception is against the yen, which weakened into the Tokyo fix. The BBDXY is still off by 0.10% at this stage, last tracking near 1257.00. There is slight outperformance from higher beta FX led by the AUD, with a better regional equity tone/higher US equity futures (+0.20/+0.25% at this stage), helping sentiment from a cross asset standpoint.

  • USD/JPY has firmed back through 133.50, touching a high of 133.63. The UST yield backdrop is slightly firmer, led by 7yr yield, up 1bps. Japan data was weaker, with Nov cash earnings softer in nominal and real terms (-3.8% y/y for real, against -2.8% expected). The Dec PMI revisions were also lower, services to 51.1, from 51.7, while the composite was nudged down to 49.7 from 50.0.
  • AUD/USD is 0.30% higher, last above 0.6770. The slightly better tone to equities, particularly relative to the softer US lead in Thursday trading, is helping. AUD/JPY is back to 90.45, versus a 90.00 handle at the start of the session. Note yesterday's highs were close to 91.00.
  • Other higher beta FX is outperforming the yen, but lagging AUD gains. NZD/USD was last near 0.6245.
  • The calendar is relatively empty for the rest of the session, with the focus shifting to non-farm payrolls in the US later.
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