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Yen Pressured In Asia

FOREX

The Yen is the weakest performer in the G-10 space on Wednesday.

  • JPY has played some catch up with rising US Yields. USD/JPY prints at ¥131.60/70 ~0.6% firmer, resistance was seen at ¥131.76 high from Mar 27. If bulls break through ¥131.76, ¥133.00 high from Mar 22 is the next target.
  • AUD is also pressured, the Feb CPI print in Australia was weaker than expectations. AUD/USD prints at $0.6695/0.6700, ~0.2% softer on the day. Downside support doesn't come in until $0.6625 low 24 March. AUD/NZD is also softer, and deals a touch below $1.07 handle.
  • The firmer equity backdrop has helped NZD outperform today. NZD/USD is ~0.1% firmer.
  • Elsewhere in G-10 the greenback is benefiting from the bid in USD/JPY which has spilled over into the wider G-10 space. EUR and GBP are both down ~0.1%.
  • BBDXY is up ~0.2%, Hang Seng is up ~1.9% and E-minis are ~0.4% firmer.
  • There is a thin calendar in Europe today, further out US Pending Home Sales provides the main point of interest in an otherwise thin data calendar.
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