Yen Firms In Early Dealing

The yen has continued its recent gains in Asia this morning, USD/JPY is down ~0.3% Wednesday's lows have been breached. The USD/JPY offer has spilled over into mild pressure on the USD.

• USD/JPY sits at ¥138.05/15, support comes in at ¥137.47 4.0% 10-DMA Envelope.
• Kiwi is a touch firmer, NZD/USD is up ~0.1% sitting a touch above the $0.63 handle. Earlier in the session June Business NZ Mfg PMI fell to 47.5 and the May print was revised lower to 48.7. This was the lowest print since November 2022. June Food Prices rose 1.6% M/M, the largest rise since January 2023. Retail Card spending was 1.0% higher M/M.
• AUD/USD is ~0.1% firmer, the pair remains below the $0.68 handle for now. Resistance comes in at $0.6828 76.4% retracement of the Jun 16-29 bear leg.
• Elsewhere in G-10 GBP and EUR are ~0.1% higher.
• Cross asset wise; US Tsy Yields are ~1bp lower across the curve. BBDXY is ~0.1% lower and US Equity futures are marginally firmer.
• There is a thin docket in Asia today, Australian Consumer Inflation Expectations crosses at the top of the hour. Further out we have UK GDP and US PPI.