Early Evidence Of Moves Reversing

Greenback slightly higher early in Asia with DXY coming of lows after declining on Monday. Fed's Rosengren was on the wires at the start of the APAC time zone, saying there is a reasonable chance of hitting 2% inflation, but takes risks seriously, adding a rate hike was at least 2-year away.

• The slight push higher for the greenback has seen Antipodean crosses under pressure, AUD/USD and NZD/USD both down around 8 pips. Earlier in the session Australia ANZ weekly consumer confidence rose to 114.1 from 107.7 previously, however the data failed to exert any influence on AUD. The same was true of New Zealand March credit card spending which saw a 2% rise.
• JPY is softer, USD/JPY around 12 pips higher. Japan's M2 money supply rose 9.5% Y/Y. Yen could face headwinds after Tokyo, Kyoto and Okinawa strengthened their measures against Covid-19 on Monday.
• Offshore yuan is weaker, retracing some its mover higher on Monday. The strength in yesterday's session was catalysed by reports that US Treasury Secretary Yellen would refrain from naming China as a currency manipulator in her first semiannual foreign-exchange report.
• A number of data releases on the docket today including China trade figures and Australia NAB survey and payroll data.