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USD Weakness Short-Lived, Yen Unwinds Early Bounce

FOREX

The BBDXY hit fresh lows in the earlier part of trading (1224.32), but we are now back close to the 1226.50 level. This is nearly unchanged on NY closing levels. The main focus remains on USD/JPY, which slumped to fresh lows under 128.70 before supported kicked in. We are now back to 129.25, so we have unwound a good chunk of gains.

  • In the cross-asset space, US cash Tsy yields are mostly firmer, led by the backend, with the 10yr up 2.4bps to 3.46%. Equity futures are close to flat, while the regional equity tone is mostly a positive one.
  • AUD/USD rose in sympathy with yen strength. The pair getting above 0.6980 and around overnight highs before offers emerged. We last tracked at 0.6965. Housing loans slipped by 3.7% in Nov, weaker than the -2.0% forecast.
  • NZD continues to underperform, with resistance still firm around the 0.6400 level, the pair last at 0.6375/80, -0.30% lower for the session. The AUD/NZD cross is tracking higher, last above 1.0920.
  • Coming up, China trade figures will be watched.
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