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Yen Pares Some Of Tuesday's Gain, Aust GDP Later

FOREX

The USD is firmer against the yen in the early part of Wednesday trade. The BBDXY USD index is close to unchanged at 1252.5.

  • USD/JPY has climbed to 155.35/40, up a little over 0.30% versus end NY levels from Tuesday. We are still comfortably sub early Tuesday highs near 156.5 though.
  • April wage outcomes delivered a mixed bag, with headline measures firmer than forecast, as negotiated annual wage outcomes started to impact the data. Still, a same base y/y measure was softer at 1.7% y/y (versus 2.1% forecast) (see this link).
  • In the cross asset space, the early trend is a tick higher in USD yields, moves aren't much beyond +0.5-1bp at this stage. US equity futures are marginally higher, while regional equity trends are mixed.
  • AUD/USD sits down a touch, last near 0.6645. RBA Governor is before parliament this morning, but is sticking to the well-worn line of not ruling anything in or out from a policy standpoint. The RBA will update its forecast profile in August.
  • NZD/USD is also down a touch, last near 0.6170. The Q1 terms of trade rose +5.1% (+3.2% was the forecast).
  • Coming up we have Q1 Australian GDP, +0.2% q/q is the forecast. Shortly after we get the Caixin Services PMI out of China.
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