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Yen Continues To Weaken, China Services PMI Beat Adds To Risk On Mood

FOREX

The yen has continued to unwind some of Tuesday's outperformance. USD/JPY is up around 0.40%, last near 155.50, close to session highs in recent dealings.

  • AUD and NZD are both up by around 0.20% against the USD, so +0.60% versus the yen. AUD/USD last around 0.6660, NZD/USD at 0.6185.
  • AUD/JPY is back to 103.60, still sub recent highs above 104.50.
  • The better than expected China Caixin services PMI print, 54 versus 52.5 forecast has aided broader risk appetite. The index is back towards mid 2023 levels. This contrasts with the softer officials services PMI outcome.
  • Regional equities are mixed, with Japan stocks down, but most other markets higher. A firmer HK backdrop (+1.4% for the HSI) is lending A$ and NZD support.
  • Australian Q1 GDP data was a touch below expectations at +0.1%q/q (versus 0.2% forecast). This didn't have a lasting impact on FX sentiment though.
  • USD/CNH hasn't seen much positive spillover from the PMI print, last tracking above 7.2500. 1 month USD/KRW is back to 1366/67, up 0.40% in won terms.
  • The event risk calendar is light for the remainder of the Asia Pac session.
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