Asia Summary and Highlights 14 May

Asia Session

USD/JPY continue its grind higher to middle 156, slow and steady this time. We have the daily verbal intervention from Suzuki but now it seems USD/JPY is moving in a "stable manner" already and does not have any impact in curbing  the grind of USD/JPY. 10yr JGB yields are marching towards 1% while U.S. Treasury Yields slips. USD/JPY is trading 0.12% higher at 156.38.

USD is trading broadly stronger on Tuesday's Asia session. Regional risk sentiment is weak while U.S. three major equity indexes are performing mixed.  AUD/USD is beaten by 0.14% to trade lower at 0.6598, NZD/USD also slipped 0.07% to 0.6013 while USD/CAD rose 0.1%. Else, EUR/USD and GBP/USD are down 0.04%.

North American session

The USD saw early losses with EUR/USD touching above 1.08 but a modest dip in USD/JPY to 155.50 from 155.90 was quickly reversed. The USD however received a lift from the New York Fed’s survey of consumer inflations expectations where the 1-year view bounced to 3.26% from 3.00% and the 5-year view increased to 2.82% from 2.62%, though the 3-year view slipped to 2.76% from 2.90%. The reaction was most noticeable in USD/JPY, which moved to 156.20 and remained firmer though the USD did edge off its highs elsewhere.

EUR/JPY gained almost a big figure on the day peaking above 168.50. EUR/CHF also advanced, touching .98, but EUR/GBP slipped back below .86. The commodity currencies saw little movement.