Yen Modestly Firmer In Early Dealings, Tight Ranges Elsewhere

The BBDXY sits a touch below NY closing levels from Thursday, last near 1220.00. Ranges have been relatively tight overall though. In the cross asset space, US equity futures are down a touch in early dealing, after printing fresh cyclical highs in US trade on Thursday. Eminis were last around 4464 (-0.15%). Cash tsys have opened dealing slightly cheaper across the major benchmarks.

• This isn;t aiding the USD against the yen though. USD/JPY is drifting back towards 140.00 at the time of writing (last 140.10), down around -0.15% versus NY closing levels. Earlier highs were at 140.35.
• Yen will be the focus point given today's BoJ decision. The decision is expected anytime from 3:30BST onwards, with any meaningful delay likely to aid the yen on the basis a delay could mean a surprise policy shift. The broad consensus remains for no meaningful changes today. Lows in USD/JPY this week have come in between 139.00-139.50.
• Elsewhere, ranges are tight, NZD/USD a touch firmer to 0.6240, the May manufacturing PMI rising to 48.9 from a revised 48.8 in Apr. AUD is steady in the 0.6880/85 range.
• EUR/USD is holding around 1.0950, a touch above NY closing levels.