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Currencies Range Trading During Asian Session

FOREX

Most currencies have been trading in narrow ranges during the APAC session today with kiwi the largest mover. The BBDXY USD index is little changed rising only slightly to around 1267.20. USDJPY fell somewhat following comments from BoJ Governor Ueda not ruling out a rate hike in July but is now little changed (see MNI BOJ's Ueda Sees Possible July Lift To Policy Rate).

  • Ueda said that any rate move would depend on growth and inflation and would be separate from plans to reduce JGB purchases. USDJPY fell to 157.52 following the remarks but is currently trading around 157.70 to be down only slightly.
  • Kiwi has underperformed with NZDUSD down 0.2% to 0.6117, close to the intraday low.
  • AUDUSD was down 0.1% before the RBA decision after a little post meeting volatility it is now marginally higher at 0.6616 as the statement was a touch more hawkish (see MNI RBA On Hold, Remains "Vigilant To Upside Risks"). AUDNZD is 0.3% higher and has exceeded the 1.080 level at 1.0814, close to the intraday high.
  • They CNY fixing was 58pips tighter than yesterday. USDCNH is slightly higher today at 7.2734.
  • Asian currencies are generally little changed with USDKRW steady around 1381.30 and USDTHB down 0.1% to 36.78.
  • Later there are numerous Fed speakers including Barkin, Collins, Logan, Kugler, Musalem and Goolsbee as well as the ECB’s de Guindos. US May retail sales print and core sales are expected to rise. US May IP & April inventories and euro area May CPI and German June ZEW are released.
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