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Yen Firmer In Early Dealing

JPY

USD/JPY is pressured in early dealing, the pair is down ~0.3% and sits a touch below the ¥140 handle, at its lowest level since mid June. Elsewhere in the G-10 space ranges have been narrow with little follow through on moves.

  • There hasn't been a specific headline driver as the yen extends recent gains with technical flows dominating in early trade. USD/JPY has breached the 50-Day EMA (¥140.34), ¥139.85 the low from Jun 16 provides the next support level.
  • AUD/USD is marginally firmer as the offer in USD/JPY spillover into mild USD pressure. The pair is ~0.1% firmer and sits a touch below the $0.67 handle.
  • Kiwi is little changed, NZD/USD has observed a narrow range with little follow through on moves.
  • Cross asset wise; BBDXY is down ~0.1% and US Tsy Yields are a touch softer. US Equity futures are little changed thus far.
  • The latest monetary policy decision from the RBNZ headlines in Asia today. Further out we have the June CPI print from the US.
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