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Yen Stabilises, Antipodeans Edge Higher

FOREX

The yen has got some reprieve, with USD/JPY probing the water below yesterday's worst levels. This marginal move does not seem to represent any fundamental shift in sentiment as consensus is building that there is room for further yen depreciation amid contrasting policy stances of Fed policymakers and their BoJ colleagues.

  • Elsewhere, an uptick in U.S. e-minis has lent a modicum of support to risk-sensitive Antipodean currencies, while the Swiss franc sits at the bottom of the G10 pile.
  • Central bank focus turns to the ECB who will review monetary policy settings. Eurozone's single currency has been treading water in early Asia trade.
  • Besides the press conference with ECB Pres Lagarde, we will also hear from Fed's Williams, Mester & Harker today.
  • Data highlights include Australian jobs market report & Swedish CPI as well as U.S. jobless claims & Uni. of Mich. Sentiment.
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