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Yen Firmer, USD Pressured

FOREX

Yen is firmer this morning, JPY is the standout performer in the G-10 space at the margins. USD is pressured, BBDXY is ~0.3% softer.

  • USD/JPY is ~0.7% softer in early dealing, last printing at ¥130.60/130.70. There was no headline catalyst for the move however. Yen is unwinding some of its underperformance on Monday. Downside support comes in at ¥129.75 76.4% retracement of the Jan 16 to Mar 8 rally.
  • Kiwi is firmer, the pair last prints at $0.6210/15 up ~0.3% today. AUD/NZD is little changed.
  • AUD/USD is also higher, last printing $0.6675/80 at session highs up ~0.4%. Australian retail sales for February printed as expected at 0.2%.
  • Elsewhere in G-10 EUR and GBP are both ~0.2% firmer.
  • US Equity futures are ~0.2% firmer. US Treasury Yields are ~1bp lower across the curve.
  • The calendar is light for the remainder of the APAC session. Further out we have ECB speak from Lagarde, US Wholesale Inventories and Consumer Confidence.
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