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FOREX: Yen Underperformance Against Higher Plays Continues

FOREX
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The USD BBDXY index sits slightly lower for the session, with higher beta plays outperforming in the G10 space. The index was last near 1287.5, off close to 0.10% in the first part of Monday dealing. 

  • AUD and NZD have edged higher as the session progressed. AUD/USD last near 0.6380, NZD/USD to 0.5780, both up nearly 0.30%.
  • Cross asset moves have been mixed, US equity futures are up a touch, while US yields are slightly lower, but aggregate moves are modest. Regional equity markets are mostly down, with focus on HK/China markets (losses are less than 1.0%).
  • China data for Nov was mixed, but still mostly leaving question marks around the durability of the recovery, particularly from a consumption standpoint) post the retail sales miss).
  • Earlier NZ monthly inflation data was consistent with further RBNZ easing, while PM Luxon noted the very challenging economic conditions at the moment (albeit with some signs of improvement).
  • The Australian Treasurer announced two new members to the RBA monetary board (which will now be split into a monetary and governance board), but near term policy continuity is likely.
  • USD/JPY has mostly drifted higher, getting too fresh multi week highs of 153.97, but we sit slightly lower now, last near 153.85/90. AUD/JPY is back to 98.15/20, also multi week highs. This continues last week's trend of yen underperforming higher beta play like AUD and NOK.
  • Looking ahead, December PMIs for the US and Europe print. The ECB’s Lagarde, Schnabel and de Guindos speak as well as the BoC’s Macklem.
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The USD BBDXY index sits slightly lower for the session, with higher beta plays outperforming in the G10 space. The index was last near 1287.5, off close to 0.10% in the first part of Monday dealing. 

  • AUD and NZD have edged higher as the session progressed. AUD/USD last near 0.6380, NZD/USD to 0.5780, both up nearly 0.30%.
  • Cross asset moves have been mixed, US equity futures are up a touch, while US yields are slightly lower, but aggregate moves are modest. Regional equity markets are mostly down, with focus on HK/China markets (losses are less than 1.0%).
  • China data for Nov was mixed, but still mostly leaving question marks around the durability of the recovery, particularly from a consumption standpoint) post the retail sales miss).
  • Earlier NZ monthly inflation data was consistent with further RBNZ easing, while PM Luxon noted the very challenging economic conditions at the moment (albeit with some signs of improvement).
  • The Australian Treasurer announced two new members to the RBA monetary board (which will now be split into a monetary and governance board), but near term policy continuity is likely.
  • USD/JPY has mostly drifted higher, getting too fresh multi week highs of 153.97, but we sit slightly lower now, last near 153.85/90. AUD/JPY is back to 98.15/20, also multi week highs. This continues last week's trend of yen underperforming higher beta play like AUD and NOK.
  • Looking ahead, December PMIs for the US and Europe print. The ECB’s Lagarde, Schnabel and de Guindos speak as well as the BoC’s Macklem.