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FOREX: Yen Steadies On Crosses, But Aggregate Moves Modest

FOREX
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Earlier yen weakness on crosses has reversed somewhat as the Tuesday session unfolds. Aggregate moves are modest though. The yen is up around 0.10/15% against both AUD and NZD. The USD BBDXY index is little changed at 1288.4. 

  • USD/JPY was last near 154.15, maintaining recent ranges. Earlier lows were at 153.80, so still above Monday lows for the pair. We saw some slight US yield weakness, but there has been no follow through. This has likely capped yen gains.
  • EUR/JPY got close to 162.50 in earlier dealings, but sits back near 162.00 currently, little changed for the session.
  • Japan news flow has been light ahead of Thursday's BoJ meeting outcome, where market pricing odds remain low for a further tightening.
  • AUD and NZD have both ticked lower. AUD/USD was last near 0.6360/65, still within striking distance of recent cycle lows at 0.6337. The Westpac Consumer sentiment index report fell for Dec, amid a challenging economic backdrop and uncertainty around the RBA outlook. Also be mindful of a near A$1bn option expiry for Dec 1 with a 0.6350 strike, which could influence spot.
  • NZD/USD is back around 0.5775, still up from recent YTD lows. Focus today has been on the half-year fiscal and economic update. The return to surplus will take longer, while economic growth is forecast to just remain positive to June next year. NZ yields are higher but this hasn't benefited the NZD.
  • Later US November retail sales, IP and December NY Fed services are released as well as Germany’s December Ifo/ZEW surveys, UK labour market data, euro area October trade and Canadian November CPI. ECB’s Buch and Elderson speak.
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Earlier yen weakness on crosses has reversed somewhat as the Tuesday session unfolds. Aggregate moves are modest though. The yen is up around 0.10/15% against both AUD and NZD. The USD BBDXY index is little changed at 1288.4. 

  • USD/JPY was last near 154.15, maintaining recent ranges. Earlier lows were at 153.80, so still above Monday lows for the pair. We saw some slight US yield weakness, but there has been no follow through. This has likely capped yen gains.
  • EUR/JPY got close to 162.50 in earlier dealings, but sits back near 162.00 currently, little changed for the session.
  • Japan news flow has been light ahead of Thursday's BoJ meeting outcome, where market pricing odds remain low for a further tightening.
  • AUD and NZD have both ticked lower. AUD/USD was last near 0.6360/65, still within striking distance of recent cycle lows at 0.6337. The Westpac Consumer sentiment index report fell for Dec, amid a challenging economic backdrop and uncertainty around the RBA outlook. Also be mindful of a near A$1bn option expiry for Dec 1 with a 0.6350 strike, which could influence spot.
  • NZD/USD is back around 0.5775, still up from recent YTD lows. Focus today has been on the half-year fiscal and economic update. The return to surplus will take longer, while economic growth is forecast to just remain positive to June next year. NZ yields are higher but this hasn't benefited the NZD.
  • Later US November retail sales, IP and December NY Fed services are released as well as Germany’s December Ifo/ZEW surveys, UK labour market data, euro area October trade and Canadian November CPI. ECB’s Buch and Elderson speak.