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Dollar Modestly Lower, BoJ Speech & China Inflation Coming Up

FOREX

The USD is modestly lower in early Thursday dealings. The BBDXY last near 1240, close to 0.10% sub NY closing levels from Wednesday. We remain within recent ranges, with Wednesday lows near 1239.5.

  • US yields are a touch lower in the first part of trade, reversing some of Wednesday's gain, which may be providing some light USD pressure. US equity futures are close to flat.
  • USD/JPY sits modestly lower, last near 148.0. Earlier data showed the Dec current account and trade balance reasonably close to expectations. Offshore investment flows continued into local equities.
  • Coming up we have a speech from the BoJ Deputy Governor (in around 40mins) where focus will be on hints around exiting negative rates at the March or April policy meetings.
  • AUD/USD sits a touch higher, last near 0.6525, while NZD is in the 0.6115/20 range. China/HK equity moves will be eyed, while we also get China Jan inflation data in a little under 40mins.
  • The AUD/NZD cross is up from Wednesday lows, last near 1.0670, with some support evident near the 1.0660 level.
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