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Greenback Rally Continues

FOREX

The greenback rose on Wednesday after FOMC minutes showed officials had some discussion over future tapering, the move has continued in early Asia which, alongside a drop in commodity prices has put AUD and NZD under pressure.

  • AUD/USD is down 9 pips, pressured by the stronger USD and reports that China has delayed importing some types of grapes from Australia in the latest sign of trade tensions.
  • NZD/USD is down around 7 pips. It is the Budget Day today. New Zealand has weathered the Covid-19 crisis in a much better shape than forecast in December's HYEFU and the Treasury is expected to revise down its bond issuance plan.
  • JPY is softer, USD/JPY up around 4 pips. There were media reports that the health ministry are likely to approve the AstraZeneca and Moderna vaccines later this week. Data showed the trade surplus widened more than expected thanks to a jump in exports outpacing the import rise. Meanwhile core machine orders rose 3.7% M/M, less than the 5.0% expected but the Y/Y print fell less than expected
  • Offshore yuan is weaker, markets look ahead to LPR announcement later today, due at 0230BST/0930HKT. Consensus is for no change after the unchanged MLF operation earlier this week.
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