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Yen Regains Poise, Market Mood Sours

FOREX

The yen caught a bid over the Tokyo fix and jumped onto the top of the G10 pile as U.S. e-mini futures reversed their initial gains. Marginal narrowing in U.S./Japan 10-Year yield spread applied some pressure to spot USD/JPY, putting the rate on track to snap a two-day winning streak. Meanwhile, the pair's 1-month risk reversal edged higher for the first time in five days.

  • Continued advance in crude oil prices lent support to commodity-linked CAD & NOK, but Antipodean currencies failed to benefit from that trend. AUD/USD 1-week implied volatility jumped as it now covers the next RBA monetary policy meeting, with the Reserve Bank expected to raise the cash rate target by 50bp.
  • The greenback meandered, with the U.S. dollar index (BBDXY) respecting the confines of yesterday's range.
  • Today's data highlights include U.S. Conf. Board Consumer Confidence & flash wholesale inventories.
  • Multiple ECB policymakers will speak at the Forum on Central Banking in Sintra. Also coming up are comments from Fed's Daly & Riksbank's Skingsley.
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