Free Trial

Yen Moderately Firmer In Asia

FOREX

The yen is the best performer in the G-10 space at the margins on Wednesday. USD/JPY was offered as Japanese equities fell, there was no obvious headline driver for the move, and the Yen held its gains through the session.

  • USD/JPY prints at ¥139.20/30 down ~0.3%, however Tuesday's lows remain intact for now. Support comes in at the low from June 1 at ¥138.45.
  • AUD is marginally firmer, the pair rose ~0.3% briefly breaching post Tuesday's RBA highs as RBA Gov Lowe noted that further tightening may be needed due to wage gains and persistent service price pressures. Gains were pared as Q1 GDP was softer than expected and AUD/USD sits at $0.6675/80.
  • Kiwi is little changed in Asia, NZD/USD prints at $0.6075/80. A narrow ~20 pip range has been observed thus far today.
  • Elsewhere in G-10 SEK is pressured, however liquidity is generally poor through the Asia session. EUR and GBP are little changed and were unable to follow through on an early move higher.
  • Cross asset wise; E-minis are marginally firmer and BBDXY is a touch softer. US Treasury Yields are little changed.
  • The Bank of Canada's monetary policy decision provides the highlight of today's docket, the bank is expected to hold rates steady at 4.50%.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.