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Yen Gets Some Reprieve, Antipodean Divergence Unfolds

FOREX

The kiwi dollar extended its rebound from post-RBNZ lows, diverging from its Antipodean cousin. Australia's labour market report provided a modest disappointment, although the labour market remained extremely tight. Slightly softer crude oil prices may have generated another headwind for the Aussie dollar.

  • The yen got some reprieve after a relentless sell-off in recent weeks, with USD/JPY slipping through yesterday's low. Speculation was rife about the possible terminal levels of USD/JPY rally, with the yen caught in the cross-currents of the BoJ's commitment to ultra-loose policy and escalating attempts by Japanese officials to jawbone the currency off worst levels.
  • The greenback eased in tandem with U.S. Tsy yields and underperformed all of its major peers.
  • Central bank focus turns to the ECB who will review monetary policy settings. Eurozone's single currency has been treading water in early Asia trade.
  • Besides the press conference with ECB Pres Lagarde, we will also hear from Fed's Williams, Mester & Harker today.
  • Swedish CPI as well as U.S. jobless claims & Uni. of Mich. Sentiment take focus on the data front.
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