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Yen Outperforms Amid Demand For Safety

FOREX

Participants sought shelter in safe-haven currencies amid pre-Jackson Hole caution, with e-mini futures losing altitude as the Asia-Pac session progressed. Headline flow failed to offer much in the way of notable catalysts.

  • The greenback garnered some strength, with the BBDXY index chewing into yesterday's losses, even as U.S. Tsy yields faltered across the curve.
  • Softer U.S. Tsy yields allowed the yen to outperform the U.S. dollar; USD/JPY shed over 35 pips as a result, building on Tuesday's decline.
  • There is a $1.3bn option expiry with strikes at Y136.80-00 due to roll off at today's NY cut, but USD/JPY moved away from these levels nonetheless.
  • Antipodean currencies sagged amid aversion to risk. AUD/NZD printed one-month highs before easing off towards neutral levels.
  • Today's data highlights include flash U.S. durable goods orders. Comments are due from Riksbank's Floden.
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