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Dollar Slightly Lower As US Yields Open Softer

FOREX

USD direction has been fairly muted to start Tuesday Asia Pac trade. If anything, the bias is for slightly lower USD levels, but overall moves are contained. The BBDXY was last under 1222.

  • Tokyo CPI has come and gone without much impact on JPY. The print close to expectations. USD/JPY sits slightly below Monday NY closing levels, last in the 144.00/05 region.
  • Some modest support for yen has come via slightly higher US Tsys since the open, with yields a little more than 1bps weaker since the open. Comments from the Fed's Bowman, early in Asia Pac trade, suggested rates could come down as inflation continued to decline, but also cautioned against near term rate cut expectations.
  • AUD/USD sits at 0.6720/25, also slightly firmer, likewise for NZD/USD, last near 0.6260.
  • Coming up shortly we have Nov retail sales and building approvals data for Australia.
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