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Yen Demand Persists, USD Index Still Threatening Test Lower

FOREX

Yen demand has persisted as we approach the EU/London cross over. USD/JPY is back to 132.45/50, slightly above session lows near 132.40. Yen is the only G10 currency to move meaningfully higher against the USD, with some support emerging for the dollar ahead of key index levels. The BBDXY index last sits just above 1251, with dips towards the 1250 region supported over the past month.

  • A modest risk-off tone has likely aided the USD at the margins, with US equity futures down slightly, while US cash Tsy yields are a touch higher as well, but overall moves are muted.
  • AUD/USD was lower early, but dips have been supported, last at 0.6780, little change for the session (earlier lows came in at 0.6754). NZD/USD has underperformed, last down 0.30% to 0.6325/30. This has enabled the AUD/NZD to regain the 1.0700 handle.
  • Other pairs have remained close to flat for the session.
  • Looking ahead, we have a thin docket, with the MNI Chicago PMI providing the main point of interest on the last trading day of the year.
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