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Yen Slightly Firmer, But Overall Muted G10 FX Trends

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The early bias in G10 FX has been for steady levels, with little change versus NY closing levels from Wednesday. US yields are a touch lower in early dealings, a continuation of Wednesday's theme, although losses are less than 0.5bps across major parts of the curve at this stage. US equity futures have dipped around 0.20% in the first part of trade, Eminis last near 4288.

  • USD/JPY has edged down slightly, last under 149.00 (near 148.95). Wednesday lows in the pair were just under 148.75, while highs were above 149.30, so we remain well within recent ranges. Offshore investor selling of local stocks and bonds stabilized in the final week of September.
  • NZD/USD is holding near 0.5915, unchanged for the session so far. The ANZ September commodity price series rose 1.3% m/m (after a -2.9% fall in August).
  • AUD/USD is near 0.6325, similarly little changed. In a little while August trade figures are due.
  • EUR/USD is a touch above 1.0500.
  • The data calendar is fairly light otherwise, leaving market participants on headline watch.
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The early bias in G10 FX has been for steady levels, with little change versus NY closing levels from Wednesday. US yields are a touch lower in early dealings, a continuation of Wednesday's theme, although losses are less than 0.5bps across major parts of the curve at this stage. US equity futures have dipped around 0.20% in the first part of trade, Eminis last near 4288.

  • USD/JPY has edged down slightly, last under 149.00 (near 148.95). Wednesday lows in the pair were just under 148.75, while highs were above 149.30, so we remain well within recent ranges. Offshore investor selling of local stocks and bonds stabilized in the final week of September.
  • NZD/USD is holding near 0.5915, unchanged for the session so far. The ANZ September commodity price series rose 1.3% m/m (after a -2.9% fall in August).
  • AUD/USD is near 0.6325, similarly little changed. In a little while August trade figures are due.
  • EUR/USD is a touch above 1.0500.
  • The data calendar is fairly light otherwise, leaving market participants on headline watch.