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Yen Regains Poise In Muted Early Trade

FOREX

It has been a two-way start to the Asia session for USD/JPY, which climbed to Y134.14 before giving back initial gains. The rate last sits at Y133.70, down 16 pips on the day. Renewed support for the yen comes in the way of cautious mood music, with U.S. e-mini futures grinding lower. Macro headline flow has been sparse this morning.

  • The kiwi dollar outperforms at the margin, but NZD/USD is struggling to test yesterday's high. There is continued assessment of New Zealand's jobs data released Wednesday, as an uptick in the unemployment rate was coupled with upbeat wage figures.
  • Overall, volatility across major currency pairs has been subdue, with the greenback oscillating around neutral levels. The BBDXY index has retraced its initial uptick.
  • Most sell-side analysts expect the BoE to raise the bank rate by 50bp today. Our Markets Team assigns a subjective 70% probability to a half-percentage point hike (with a 25bp hike if not).
  • Today's data highlights include Australian trade data, German factory orders as well as U.S. jobless claims & trade balance. Fed's Mester will discuss the economic outlook.
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