Greenback Firmer In Asian Trade, OPEC+ Cut Oil Production

The USD has firmed in early dealing, as OPEC+ have cut oil production, BBDXY is ~0.2%. To recap OPEC+ announced a surprise oil production cut of more than 1 million barrels a day abandoning previous assurances it would hold supply steady linkhere.

• Kiwi is pressured, NZD is the weakest performer in the G10 space at the margins. The pair prints at $0.6230/35 down ~0.4%. Fonterra has lowered FY23 forecast farmgate milk prices to NZ$8.00-8.60/kg down from NZ$8.20-8.80/kg, as Chinese demand has not returned to expected levels and supply is increasing as the Northern Hemisphere entered spring.
• AUD/USD prints at $0.6665/70, ~0.2% softer. Judo Bank Manufacturing PMI printed its lowest level since May 2020 at 49.1.
• Yen is pressured, USD/JPY is up ~0.3% last printing at ¥133.20/30. Resistance comes in at ¥133.59, the high from 31 March.
• NOK is firmer, USD/NOK down ~0.2% benefitting from the ~7% rise in Oil futures. CAD is also firmer, USD/CAD prints at $1.3490/99.
• Cross asset wise; E-minis are down ~0.1% and US Treasury futures are softer.
• In Asia today, Caixin Manufacturing PMI from China provides the highlight. Further out we have the ISM Manufacturing Survey and the final print of Manufacturing PMI.