FX Action: USD-JPY has traded moderately softer
FX Action: USD-JPY has traded moderately softer on the back of a generally softer tone in the dollar. News that the Senate vote on the temporary funding bill to avoid a government shutdown has been delayed until later today. The House passed it yesterday, so its down to the upper house now, where passage is by no means guaranteed. USD-JPY logged an intraday low of 110.78, though has so far left yesterday's low at 110.50 unchallenged. EUR-JPY and other yen crosses have traded in narrow ranges for the most part. AUD-JPY lifted to a 12-day high at 0.8902, coming with 7 pips of the peak of three-month highs. A new record high in the MSCI Asia-Pacific equity index, with markets still digesting yesterday's Chinese GDP data, helped maintain a bid for the Australian dollar. Focus today will be on the Senate vote of the stop-gap funding bill as any failure would see the government shutdown from tomorrow.