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Yen Paring Early Gains

FOREX

The Yen has pared early dealing in Asia today, USD/JPY was down as much as 0.5% however yesterday's lows remained intact and the pair has recovered to sit a touch above the ¥139 handle.

  • Speculation, in lieu of the aforementioned Nikkei report regarding the potential for a tweak in YCC at today's BOJ meeting, has seen the Yen firm this morning and JGBs pressured. Support comes in at ¥138.77, yesterday's low, and ¥137.25 the low from Jul 14.
  • Kiwi is a touch firmer this morning, however ranges remain narrow and NZD/US remains below the $0.62 handle for now.
  • The AUD is little changed, narrow ranges are persisting this morning as AUD/USD consolidates above $0.67.
  • Elsewhere in G-10 ranges have been narrow with little follow through on moves.
  • Cross asset wise; JGBs are pressured, the 10 Year Yields briefly dealt above the BOJs 0.5% cap. BBDXY is down ~0.1% and US equity futures are a touch firmer.
  • The BOJs monetary policy decision is the highlight of todays session. There is no fixed time for the release however we will be on BOJ watch after the morning close of Japanese equities.
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