G10 In Narrow Ranges, IDR Stronger Ahead Of BI Meeting

G10 currencies have generally been in narrow ranges during APAC trading today with the USD BBDXY unchanged as there have been few drivers. The largest mover has been kiwi with NZD down 0.2% to 0.6132, close to the intraday low.

• AUDUSD is off its intraday high of 0.6669 but is still 0.1% higher at 0.6662 supported by generally positive equity sentiment in the region. AUDNZD has continued to climb and is up 0.3% to 1.0864.
• USDJPY is flat at 157.85 after trading between 157.73/157.92. Tuesday’s BoJ comments that a July rate hike is possible have been unable to strengthen the yen.
• EURUSD and GBPUSD are slightly lower at 1.0736 and 1.2706 respectively.
• CNY fixing was 69pips tighter than yesterday and the lowest in around two weeks. USDCNH is off its intraday low of 7.2698 to be slightly higher at 7.2748 after the PBoC’s Pan said that the stronger greenback gave China more monetary policy flexibility.
• USDIDR is down 0.2% to 16370 after holidays. The move lower is important as Bank Indonesia meets on Thursday and if rupiah depreciates into the meeting, there would be a material risk of another rate hike (see MNI BI Preview).
• USDTHB is down 0.3% to 36.72 despite PM Srettha saying that the FY25 deficit is necessary to boost the economy and that fiscal and monetary policy should be aligned.
• The US is closed today. UK May PPI/CPI and euro area Q1 current account print.