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Greenback Marginally Pressured In Early Dealing, RBA On Tap

FOREX

The USD is marginally pressured in early Asian dealing on Tuesday, however ranges are narrow thus far. A reminder that US markets are closed today for Independence Day, general liquidity will be hampered.

  • Yen is a touch firmer, USD/JPY is down ~0.1%. Support comes in at ¥143.29, the low from June 27, and resistance is at ¥145.07 yesterday's high. Junes Monetary Base fell 1% Y/Y.
  • AUD/USD prints at $0.6675/80, the pair is a touch higher thus far. Technically the outlook for AUD/USD remains soft. The pair sits below the 20- and 50-Day EMAs suggesting scope for further retracement. Support comes in at $0.6596 (low from June 29) then $0.6579 low from Jun 5. Resistance is seen at $0.6693, 50-Day EMA.
  • Kiwi is little changed, a narrow ~10 pip range has persisted thus far.
  • Cross asset wise; e-minis are marginally softer and BBDXY is down ~0.1%.
  • The latest monetary policy decision from the RBA provides today's highlight, expectations are split between no change in rates and another 25bp hike.
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