Greenback Marginally Firmer In Early Trade

Ranges have been narrow in G10 FX and there has been little follow through on moves in early dealing on Monday. The USD is a touch firmer, BBDXY has sits marginally higher from Fridays closing levels.

• AUD/USD has observed a narrow range, the pair is consolidating after falling ~0.8% on Friday. Support comes in at $0.6565 low from 10 Mar and bear trigger. Resistance is seen at $0.6818 10 May high.
• Kiwi is unchanged thus far. Narrows have been narrow with little follow through. April Services PSI fell to 49.8 from 53.8, this was the lowest print since February 2022.
• USD/JPY is ~0.1% firmer, Fridays highs were breached and we sit at ¥135.80/90. Apr PPI was marginally firmer than expected, printing at 0.2% M/M above the expected 0.0%.
• Cross asset flows show BBDXY up ~0.1% and e-minis down ~0.2%. US Treasury Yields are little changed across the curve.
• 1-Year MLF from China provides the highlight in todays Asian session. Further out we have German Whole Prices and Eurozone Industrial Production.