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Yen Pressured Early On Wednesday

FOREX

USD/JPY is firmer as the yen is pressured on Wednesday morning. JPY is the weakest performer in the G-10 space at the margins.

  • USD/JPY prints at ¥134.40/50 ~0.2% firmer this morning. Firmer 2-Year US Yields are weighing on the Yen. Upside resistance comes in at ¥134.90 high from 14 March.
  • Elsewhere in G-10 moves have been limited with little follow through. AUD/USD has been in a narrow range for the most part with little change from yesterday's closing levels.
  • NZD/USD is pressured, down ~0.1%. The pair last prints at $0.6225/30, a touch off session lows. Q4 Balance of Payments printed at -$9.458bn, wider than the 7.675bn deficit forecast. The prior read was also revised wider to -$11.403bn.
  • EUR and GBP are a touch lower, although there has been little follow through thus far.
  • Cross asset wise; US 2 Year Yields are up ~4bps. S&P500 e-minis are ~0.1% softer. BBDXY is little changed.
  • 1-Year MLF Rate as well as retail sales, industrial production and surveyed jobless rate, from China headlines the docket in Asia today. Further out we have a slew of US data including Business Inventories, Retail Sales, PPI and Empire Manufacturing.
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