Greenback Marginally Pressured, US Treasury Yields Tick Lower

The USD is marginally pressured in early Asian trade as US Treasury Yields continue to tick lower. Continued weakness in U.S. equity futures, with that move centered on concerns re: the U.S. bank sector, has aided the bid in Treasuries with pre-NFP positioning & Asia-Pac worry re: banks also factoring in.

• Yen is the strongest performer in the G-10 space at the margins. USD/JPY has broken below ¥136, sitting at ¥135.85/95. The next downside target is ¥135.37 low from 6 March. Domestic data prints were weaker than forecast this morning, Jan Household Spending printed at -0.3% vs -0.1% exp. Feb PPI printed at 8.2% YoY vs 8.4% exp.
• Kiwi is also firmer this morning, NZD/USD found support below $0.61 in early dealing. Feb Business NZD Mfg PMI printed 52.0 with the prior revised higher to 51.2. Q4 Manufacturing Activity fell -0.4% with the prior read revised lower to 5.0%.
• AUD/USD is marginally pressured, the pair is a touch lower this morning. AUD/NZD flows may be weighing as the pair briefly dealt above $1.08 before falling ~0.2%.
• EUR and GBP are both ~0.1% firmer benefitting from the fall in US Yields
• Cross asset wise; S&P500 futures are down ~0.3% and 10 Year US Treasury Yields are down ~3bps. BBDXY is down ~0.1%.
• The latest monetary policy decision from the BOJ headlines in Asia-Pac hours. Further out Feb NFP provides today's highlight.