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Dollar Steady, Japan Wages Data Doesn't Shift JPY, RBA Later The Main Focus

FOREX

Early G10 FX trends are fairly muted. The BBDXY sits near 1245 in recent dealings, trading a tight range in the first part of Tuesday Asia Pac trade.

  • The early impetus for US Tsy yields is for slightly weaker levels, unwinding some of the impressive gains seen in the past two sessions, but overall moves are modest so far. US equity futures are close to flat.
  • USD/JPY is slightly lower, last near 148.60. Earlier Dec wages data was weaker than expected but still some improvement in the trend for late 2023.
  • AUD/USD sits near 0.6480, little changed for the session. Coming up soon we have Q4 retail sales volumes. A 0.1% q/q print is expected, versus 0.2% prior. Still, the main focus will be on the RBA decision later. Whilst no change is expected, the tone of the RBA will be watched closely, given market pricing for cuts later in 2024.
  • NZD/USD is also relatively steady, last near 0.6050.
  • EUR/USD is unchanged, last in the 1.0740/45 range.
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