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FX Update: USD-JPY edged out a two-day high

FX Update: USD-JPY edged out a two-day high of 104.15 in Tokyo trade today, but has so far lacked impetus to challenge Wednesday's high at 104.63. The tick higher was mostly a reflection of yen weakness, which lifted EUR-JPY and other yen crosses. AUD-JPY, which is a risk appetite proxy, recouped most of the losses seen yesterday following much weaker than expected export numbers out of China, which had sparked a risk-off reaction in global markets. Stock markets have today been mixed in Asia. Warmer than expected inflation data out of China produced a positive narrative. PPI turned positive, at 0.1% y/y, for the first time in five years, which is good on the view that, with corporate debt in China standing at 169% of GDP, rising factory gate prices will help business profitability. Elsewhere, EUR-USD plied a narrow range in the low 1.10s. AUD-USD lifted, along with AUD-JPY. The RBA's released its latest financial stability report, which was generally greeted as a non market mover. A seven-year low in Singaporean GDP drove USD-SGD to seven-month highs.


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