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Yen Weakens, Steady Trends Elsewhere, China Q4 GDP Out Later

FOREX

Outside of further yen weakness, overall USD trends have been muted at the start of Wednesday trade. The USD BBDXY index is little changed, last near 1237.20.

  • Cross asset signals see US yields slightly firmer, but gains are contained to around 1bps at this stage. We also sit off best yield levels at this stage. US equity futures are slightly down a touch.
  • USD/JPY got to 147.48 in earlier dealing, likely driven by the firmer US yield open. We now sit back at 147.35/40, slightly weaker (-0.15%) in yen terms versus NY closing levels on Tuesday.
  • AUD/USD is a touch higher, last near 0.6590, while NZD/USD is around 0.6140. Both pairs remain close to Tuesday lows.
  • Coming up in a little while we have China Q4 GDP and Dec activity figures, which will be the main event risk for Wednesday's Asia Pac session.
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