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Dollar Steady, NZD Off Post Job Data Highs, AUD/NZD Demand Evident Sub 1.0700

FOREX

Early Asia Pac FX trends are fairly muted. There is a modest bias for USD weakness in the G10 space, but the BBDXY is little changed from end Tuesday levels in NY (last near 1241).

  • NZD/USD sits off earlier highs post the stronger than expected Q4 jobs report. We got to 0.6107 but now sit back at 0.6090/95, down slightly for the session.
  • The jobs and wages beat aided NZ yields, but some demand for AUD/NZD on dips sub 1.0700 may be weighing on NZD.
  • The cross is up from earlier lows of 1.0691, last tracking near 1.0710. We haven't been able to sustain breaks of 1.0700 so far in 2024, although as we noted earlier, the macro bias is skewed this way.
  • AUD/USD itself is slightly firmer, last in the 0.6525/30 range.
  • USD/JPY sits near 147.90, little changed for the session. The early tone to US yields is largely steady.
  • The data calendar is fairly light for the remainder of the Asia Pac session, with China equity sentiment likely to be a focus point in a little over an hour when markets open.

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