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Yen Edges Higher, But Otherwise Steady G10 FX Trends In Early Friday Trade

FOREX

Early G10 FX trends are relatively steady in the first part of Friday trade. The USD BBDXY index is close to unchanged, last near 1244.25.

  • Yen is firmer, up around 0.20% at this stage. This puts USD/JPY back around 149.00, although the pair hasn't been able to get much traction sub this figure level. At the margin, this is unwinding some of yen's recent underperformance, as global equities continue to recover, aided in Thursday trade by better US data outcomes, which reduced recession fears.
  • Early trends are positive for regional equities so far today, although US equity futures are off session highs and back close to flat.
  • In the yield space, we have seen a modest down tick in US Tsy yields in early Friday dealings, which may be aiding yen at the margins.
  • Otherwise news flow is quite light.
  • AUD/USD is very steady near 0.6615, with senior RBA figures, including Governor Bullock, appearing before parliament. Bullock has reiterated that the board is not considering rate cuts in the near term.
  • NZD/USD is also close to unchanged last around 0.5985. PMI data edged up to 44 from 41.2, but remains comfortably in contraction territory. The Q2 PPI firmed a touch relative to Q1 in q/q terms.
  • The data calendar is light for the rest of the Asia Pac Friday session.
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