AUD Pressured, NZD Firmer In Asia

The antipodeans have dominated G-10 FX in Asia on Thursday, AUD was pressured after the latest Labour Market Report showed that the unemployment rate ticked higher in April. NZD firmed after the NZ Treasury noted they now expect the economy to avoid recession, with GDP growth of 3.2% in 2022/23. New Zealand also increased its bond issuance program by $20bn over 4 years.

• AUD/USD sits at $0.6645/50, the pair is down ~0.2%. In April the unemployment rate nudged higher to 3.7% from 3.5%. Support was seen below $0.6635 and losses were marginally pared.
• NZD/USD is ~0.2% firmer and deals a touch below the 200-Day EMA ($0.6263), a break through here opens the high from May 11 at $0.6385.
• Yen is marginally firmer, however ranges have been narrow with little follow through on moves. Wednesday's highs were tested in early dealing however they remain in tact for now.
• Elsewhere in G-10 moves have been limited, BBDXY is little changed from yesterday's closing levels.
• Cross asset flows are mixed; e-minis are a touch lower and Hang Seng is ~1.2% firmer. US Treasury Yields are ~1bp lower across the curve.
• There is a thin docket in Europe today, further out we have US Initial Jobless Claims and Existing Home Sales.