Antipodeans Pressured As Asia Digests FOMC Minutes

The Antipodeans are pressured in early dealing in Asia, the greenback has firmed and US Tsy Yields have ticked higher as participants react to yesterdays FOMC minutes.

• NZD/USD is down ~0.3% last printing at $0.5920/25 marginally extending recent YTD lows. RBNZ's Orr noted in a Bloomberg interview that he doesnt feel a rush to change rates any time soon, and a recession is the bare minimum he needs to see.
• AUD/USD is also down ~0.3% and sits a touch above the $0.64 handle. Short term trend conditions remain bearish, the pair breached the bear trigger yesterday. Support comes in at $0.6403, 76.4% retracement of the Oct 22-Feb 23 bull leg, $0.6387, low from 10 Nov 22, and $0.6285, low from 4 Nov 2022.
• Yen is marginally pressured, USD/JPY is up ~0.1%. July Trade Balance printed a ¥78.7bn deficit a ¥47.9bn had been expected.
• Elsewhere in G-10 the Scandies are pressured however liquidity is generally poor in Asia.
• Cross asset wise; e-minis are down ~0.1% and regional equities are lower across Asia. BBDXY is up ~0.1% and US Tsy Yields are ~1bp higher across the curve.
• In just over 30 minutes the July Labor Market Report from Australia crosses.