Greenback Extends Decline

After weakening throughout Tuesday's session after a higher than expected CPI figure which saw DXY slip to April lows, the greenback is slightly softer in early Asia-Pac trade.

• AUD and NZD are both slightly higher, the latter looking towards the RBNZ rate announcement later in the session, NZD/USD up around 13 pips.
• AUD/USD is up around 7 pips, Australia's trade minister Tehan will reportedly travel to Europe to talk with counterparts over the restriction of vaccine exports from Europe.
• In Japan Core Machinery Orders for February declined for a second straight month, the print saw a big miss at -8.5% M/M vs estimates of a 2.5% gain, last month was a 4.5% decline. Following the data the Japanese government said it had cut its machinery orders assessment and noted that the uptick in machine orders is stalling. This hasn't derailed JPY, however, USD/JPY continues to decline and has fallen below the 109.00 handle, last down 21 pips.
• Offshore yuan is stronger, USD/CNH around 18 pips lower, the pair is hovering around yesterday's session lows after staging a brief recovery in the initial stages of the session. Last trades at 6.5418, if the pair broke 6.54 it would be the lowest since Feb 25. There were reports during the US session yesterday that Chinese Premier Li was keen to establish cooperation with the US, and that decouple would not benefit either side.