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Risk-On Tone Early

FOREX

The early tone is a risk on one in FX markets, although overall moves remain fairly modest. The main theme is JPY weakness, with US equity futures tracking higher, while US yields have also spiked after re-opening.

  • USD/JPY is back close to 136.00, last at 135.95. The is around 0.25% above closing levels in NY. US equity futures have been supported by a possible US-China tariff shift, although the Nasdaq is down from best levels (+0.7% versus +1% earlier).
  • Japan's Jibun Bank services PMI was revised down a touch to 54.0 from 54.2.
  • US yields have opened higher, the 2yr to 2.92%, around +9bps above previous closing levels. This follows higher EU yields overnight.
  • AUD/USD is firmer, back up to 0.6890, right on overnight highs . NZD has shrugged off the poor NZIER business survey result and is tracking A$ moves (last at 0.6225).
  • Both currencies are up around 0.50% versus JPY.
  • EUR/USD is modestly higher, back at 1.0430, while NOK is keeping pace with AUD and NZD moves, last at 9.8300.
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The early tone is a risk on one in FX markets, although overall moves remain fairly modest. The main theme is JPY weakness, with US equity futures tracking higher, while US yields have also spiked after re-opening.

  • USD/JPY is back close to 136.00, last at 135.95. The is around 0.25% above closing levels in NY. US equity futures have been supported by a possible US-China tariff shift, although the Nasdaq is down from best levels (+0.7% versus +1% earlier).
  • Japan's Jibun Bank services PMI was revised down a touch to 54.0 from 54.2.
  • US yields have opened higher, the 2yr to 2.92%, around +9bps above previous closing levels. This follows higher EU yields overnight.
  • AUD/USD is firmer, back up to 0.6890, right on overnight highs . NZD has shrugged off the poor NZIER business survey result and is tracking A$ moves (last at 0.6225).
  • Both currencies are up around 0.50% versus JPY.
  • EUR/USD is modestly higher, back at 1.0430, while NOK is keeping pace with AUD and NZD moves, last at 9.8300.