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FOREX: USD Weakness Continues, USD/JPY Close To 50-day EMA Downside Test

FOREX
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Early G10 FX trends are skewed against the USD, the BBDXY index is edging down last near 1301. We are just above intra-session lows from Monday's session (close to 1300). 

  • Yen is outperforming at the margins, so far today, after lagging broader USD softness. USD/JPY was last near 155.20/25, around 0.20% stronger in yen terms. We are slightly up from session lows (155.17).  Downside focus in the pair is likely to rest just under 155.00, where the 50-day EMA comes in (154.97). This region has also marked recent lows.
  • AUD/USD is up a more modest 0.1%, it's 50-day EMA up at 0.6335, the pair last near 0.6280, while NZD is slightly outperforming, around +0.20% higher to 0.5680/85. This pair's 50-day EMA is at 0.5734.   
  • EUR and GBP are both a touch higher, but largely on the sidelines for now.
  • Cross asset sentiment is weighing on the USD. US Tsy futures pointing higher, along with US equity futures (+0.57% for Eminis), as the markets digest Trump's inauguration. The positive sign around no Day 1 tariff announcements the main driver of better US equity futures, lower US yields and a softer USD.
  • Today's data calendar is light from an Asia Pac standpoint, which will likely leave FX trends driven by headlines/cross asset trends. 
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Early G10 FX trends are skewed against the USD, the BBDXY index is edging down last near 1301. We are just above intra-session lows from Monday's session (close to 1300). 

  • Yen is outperforming at the margins, so far today, after lagging broader USD softness. USD/JPY was last near 155.20/25, around 0.20% stronger in yen terms. We are slightly up from session lows (155.17).  Downside focus in the pair is likely to rest just under 155.00, where the 50-day EMA comes in (154.97). This region has also marked recent lows.
  • AUD/USD is up a more modest 0.1%, it's 50-day EMA up at 0.6335, the pair last near 0.6280, while NZD is slightly outperforming, around +0.20% higher to 0.5680/85. This pair's 50-day EMA is at 0.5734.   
  • EUR and GBP are both a touch higher, but largely on the sidelines for now.
  • Cross asset sentiment is weighing on the USD. US Tsy futures pointing higher, along with US equity futures (+0.57% for Eminis), as the markets digest Trump's inauguration. The positive sign around no Day 1 tariff announcements the main driver of better US equity futures, lower US yields and a softer USD.
  • Today's data calendar is light from an Asia Pac standpoint, which will likely leave FX trends driven by headlines/cross asset trends.