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Yen Rallies Against AUD & NZD

FOREX

The USD has had a mixed start to the last trading session of 2022. The BBDXY sits basically unchanged, last just above 1251.60. We are close to December lows for this index, with support evident around the 1250 region on previous dips over the past month. Cross asset signals are modest, US cash Tsy yields, a touch higher (+0.3/+1.3bps), while US equity futures are down around 0.15/0.20% in early trade. Regional equities are modestly higher.

  • Yen strength has continued, a carryover from the NY session. USD/JPY is comfortably sub Thursday session lows, last around 132.65, +0.30% firmer for the session in yen terms. Note Dec 26 lows come in just above 132.30.
  • In contrast, AUD and NZD have moved comfortably off NY session highs. AUD/USD is last back at 0.25% lower for the session. This puts AUD/JPY back to 89.70. NZD/USD is at 0.6330.
  • Other pairs are range bound, while the data calendar is devoid of major releases.
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