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AUD & NZD Up Smalls, Market Awaits US Payrolls

FOREX

FX moves have been modest. There has been a slightly positive tone for NZD, AUD and JPY against the USD. These three currencies were the worst performers against the USD through Thursday's session, so some retracement is apparent, although liquidity will be poor Japan is the only major FX center open today.

  • USD/JPY was last under 131.70. Earlier data for Feb cash earnings were in line with expectations (-2.6% y/y for real), while Feb household spending was weaker than forecast (+1.6% y/y, +4.8% forecast).
  • NZD/USD sits +0.25% above NY closing levels last around 0.6255/60, AUD/USD has nudged up to 0.6685, +0.20%.
  • Elsewhere moves have been very modest.
  • In Asia FX, USD/CNH is slightly lower, last under 6.8800, despite a slightly weaker CNY fixing. Onshore equities are higher though, which has likely helped at the margins. The early bias in spot USD/KRW was higher but we haven't breached recent highs above 1320. Again, better onshore equities (+1.30% for the Kospi) is helping as the margins.
  • Looking ahead, the main focus for the market will be the March non-farm payrolls print in the US, see our full preview here.
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