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Yen Pressured In Asia

FOREX

The yen is under pressure in Asia today continuing its move lower seen on Friday after the latest BoJ monetary policy decision. USD/JPY is at its highest level since mid-March.

  • USD/JPY has extended gains through the session, the pair now sits a touch under the ¥137 handle and is ~0.5% higher today. Bulls target a break of ¥136.99 high from Mar 10 opening up ¥137.91 high from mar 8 and key resistance..
  • Kiwi is little changed, NZD/USD has observed a narrow 20 pip range for the most part of today's session with little follow through on moves.
  • AUD is the strongest performer in the G-10 space at the margins. AUD/USD is ~0.3% firmer as is AUD/NZD which has recovered to deal above the $1.07 handle.
  • Elsewhere in G-10 there has been little follow through on moves with narrow ranges observed.
  • Cross asset wise; US Equity futures have pared early losses and sit a touch firmer. BBDXY is ~0.1% firmer and 2 Year US Treasury Yields are ~4bps firmer.
  • There is a thin docket in Europe today with the UK and several European countries observing national holidays. Further out we have the latest ISM Survey which headlines an otherwise thin calendar.
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