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Yen Modestly Outperforms Amid Lower US Equity Futures

FOREX

Modest yen gains are evident in the first part of Tuesday dealings. The BBDXY USD index sits a little higher, holding above 1260.7 at this stage.

  • USD/JPY has edged away from 154.00, the pair last near 153.75/80, around 0.15% stronger in yen terms (lows for the session were at 153.62). This still leaves us comfortably within recent ranges though.
  • Some support is likely evident from the weaker US equity futures start, with Eminis and Nasdaq futures off around 0.25-0.35% at this stage. There doesn't appear any fresh macro drivers for this move, although we have the Fed decision later tomorrow.
  • Earlier data from Japan showed mixed job market trends. The unemployment rate edged lower to 2.5%, below forecasts but so too did the job-to-applicant ratio. The figures didn't greatly impact yen sentiment though.
  • US yields are steady in the first part of trade.
  • AUD and NZD are down a touch, AUD/USD last near 0.6545, NZD/USD back at 0.5875. NOK is off 015%, along with SEK, although liquidity will be lighter. All of these higher beta plays are weaker against the yen.
  • The data calendar has Australian June building approvals coming up, otherwise the market will be on risk flow watch.
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