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Greenback Marginally Firmer In Early Trade

FOREX

The USD sits a touch firmer in early dealing on Tuesday, however ranges remain narrow with little follow through on moves. The greenback has recouped some losses seen late in the NY session yesterday.

  • AUD/USD is down ~0.1% and last prints at $0.6565/70. Technically bears remain in the driver seat, support comes in at $0.6514 (low from Aug 3) and $0.6485 (low from Jun 1). Resistance is at $0.6630 the high from Aug 2.
  • Kiwi is a touch softer however ranges have been narrow, NZD/USD is holding above $0.61 for now.
  • Yen is marginally pressured, USD/JPY is up ~0.1% and sits at session highs. Labour Cash Earnings were softer than expected in June printing at 2.3% Y/Y vs 3.0% exp, Real Cash Earnings fell -1.6% Y/Y.
  • Elsewhere in G-10 EUR and GBP are both ~0.1% softer.
  • Cross asset wise; E-minis are flat and US Tsy Yields are little changed. BBDXY is a touch firmer.
  • Data-wise from Australia we have Aug Westpac Consumer Confidence and July NAB Business Survey. Further out the final print of July CPI from Germany is due.
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