Yen Pressured In Asia, CHF Outperforming

JPY is the weakest performer in the G-10 space at the margins. The Yen was pressured as the BOJ held policy unchanged today.

• USD/JPY prints at ¥136.60/70, ~0.3% firmer today. The pair rose from a touch below ¥136 handle, meeting resistance ahead of ¥137.00 before paring gains in the aftermath of the BOJ decision. The spike higher may have been facilitated by downside protection that was in play. In the lead up to the decision the 1-week risk reversal was at the lowest level since the depth of the initial COVID outbreak.
• Kiwi is ~0.2% firmer, NZD/USD prints at $0.6105/10. Early in the Asian session Feb Business NZ Mfg PMI printed 52.0 with the prior revised higher to 51.2. Q4 Manufacturing Activity fell -0.4% with the prior read revised lower to 5.0%.
• AUD/USD is a touch firmer at $0.6595/0.6600. The pair was pressured in early trade, printing a fresh 2023 low, as the fall in US and regional equities and an offer in AUD/NZD are weighed. However support was seen at $0.6565 and the pair pared losses.
• CHF is the standout in the G-10 space, USD/CHF is down ~0.4%. The pair broke its 20-Day EMA (0.9328), and broke through $0.93 to last print 0.9290/95.
• EUR and GBP are both a touch firmer as softer US Treasury Yields marginally weigh on the USD.
• US Treasury Yields have ticked lower in Asia, 10 Year Yields is down ~9bps. S&P500 E-minis sit ~0.8% lower today, and the Hang Seng is ~2.5% lower.
• UK GDP headlines in Europe. Further out February's NFP print provides today's highlight, our preview is here