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Yen Down Modestly, Suzuki States FX Intervention Should Be On A Limited Basis

FOREX

Early USD trends are skewed towards a slightly firmer backdrop in the first part of Friday dealings. The BBDXY USD index is 1252.8, slightly above end NY levels from Thursday.

  • USD/JPY is up around 0.10%, last near 155.80. Earlier data showed household spending rose in y/y terms in April, up 0.5%. This was the first increase since Feb last year, although was in line with market forecasts.
  • Headlines from FinMin Suzuki are also crossing. He states FX intervention should only be used on a limited basis, but states the authorities are watching FX moves closely. USD/JPY has drifted a little higher following this comments.
  • Earlier data showed Japan's FX reserves fell to $1.23Trln in May from 1.28trl in April. Foreign securities held fell back to $928bn from $978bn, with the move lower weighed by FX intervention efforts.
  • Coming up in a little while we have BoJ bond buying ops, which will be in focus given speculation of a potential cut in BoJ bond buying (that could be announced by the central bank at next week's policy meeting).
  • AUD/USD is close to unchanged, last around 0.6665/70, while NZD/USD is back under 0.6200, off slightly.
  • Cross asset moves are steady from a US standpoint, with US equity futures and yields close to unchanged.
  • Later on we get China trade figures, as well as RBA speak from the Deputy Governor.
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