Yen Crosses Weighed By Mixed Equity Trends, But Overall Ranges Tight

Overall G10 ranges have been tight in the part of Thursday trade. As has been the case this week the USD was softer in the first part of trade, but follow through hasn't been evident. The USD BBDXY index last near 1230.60, little changed for the session.

• Cross asset signals have lent some USD support, albeit at the margins. US equity futures sit modestly lower, while regional equities have been mixed (despite the positive cash lead from Wednesday offshore trade). US yields are close to flat at this stage, with aggregate swings modest after Wednesday's move lower at the front end.
• USD/JPY has seen some volatility, but has respected recent ranges. Dips sub 145.00 have been supported, while highs were at 145.64. The slight weaker equity tone has likely lent some support to yen on crosses this afternoon.
• AUD/USD and NZD/USD have both ticked lower. The A$ was last 0.6730/35, NZD is back to 0.6150. Commodities are mostly weaker at the margin, likely weighing on commodity FX.
• AUD/JPY has edged down to 97.60/65, with recent highs above 99.00 capping the pair.
• On the data front we had better preliminary PMIs out of Australia and Japan, but more so on the services side. Market sentiment wasn't moved.
• Coming up, US/European August flash PMIs as well as US jobless claims and Chicago & Kansas indices are out. Later the Jackson Hole Symposium starts but markets will be waiting for Fed Chair Powell’s speech on Friday. The ECB July meeting account is also published today.