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Yen Grinds Higher

FOREX

The yen leads gains in G10 FX space as a downtick in U.S. e-minis signals dissipation in last Friday's risk-on impetus, nudging participants towards the regional safe haven. That said, the Nikkei 225 re-opened higher on a positive lead from Wall Street and is on track to wipe out its YtD loss.

  • Spot USD/JPY has edged lower despite U.S. Tsy yields sitting marginally higher across the curve. When this is being typed, the pair deals ~15 pips below neutral levels. One-year risk reversal consolidates above par.
  • Major FX crosses have held tight ranges so far, with Asia awaiting key data out of China. Market holidays in South Korea and India are weighing on regional liquidity.
  • The latest set of China's economic activity indicators headlines the Asia-Pac data docket today. After hours, focus will turn to the latest reading of U.S. Empire M'fing.
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