FOREX: USD/JPY Through Tuesday Lows But Finds Support, Q2 Australia GDP Due

Early G10 FX market focus points are on further yen gains, although follow through has been limited at this stage. USD/JPY got sub intra-session lows from Tuesday, printing at 145.10, before rebounding modestly. The pair was last near 145.35/40, which is little changed for the session. The USD BBDXY index is back to sub 1236, slightly down for the session. 

• AUD and NZD are close to steady at this stage, following Tuesday losses. AUD/USD is near 0.6710/15. It broke below the 20-day EMA of 0.6714, which opens up 0.6670 50-day EMA. NZD/USD is holding under 0.6190.
• In the cross asset space, US equity futures have a downside bias, but losses have been moderate so far, holding close to Tuesday intra-session lows Nasdaq sits in the red to the tune of 0.20%. US Tsy futures are positive in early dealings.
• Oil prices will be the other focus point. WTI is holding above $70/bbl at this stage.
• On the data front, the final August PMI services read for Australia was nudged up to 52.5 (initial estimate was 52.2).
• Later on we have Australian Q2 GDP. The market expects a 0.2% q/q print (Q1 was 0.1%). Also out at that time is the July household spending gauge. Shortly after is the China Caixin Services print. In a little while we have Japan services PMI revisions for August.