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Dollar Stays Supported, NZD/USD Close To Late June Lows, RBA Mins Up Later

FOREX

Early G10 FX trends remain favored towards USD gains, albeit within recent ranges so far.

  • NZD and to a lesser extent, AUD, are underperforming. NZD/USD was last near 0.6065 (off nearly 0.15%), close to recent lows of 0.6058.
  • We had May building permits print at -1.7%m/m earlier, which follows a revised -2.1% dip prior. Also out was the NZIER business opinion survey, which generally showed softer business conditions and lower cost/inflation pressures. This is similar to the ANZ business survey from last week.
  • This comes ahead of next week's RBNZ meeting, although no change is expected.
  • AUD/USD was last near 0.6650. The AUD/NZD cross edging to fresh highs of 1.0975 today.
  • USD/JPY is up a touch, last near 161.60, but this remains sub Monday intra-session highs (161.73).
  • In the cross asset space, US equity futures are down -0.10-0.20%. US yields are down a touch in the first part of trade.
  • Focus ahead will rest on the RBA Minutes, out 11:30AEST, otherwise the data calendar is light.
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