Greenback Retreats; NZD Bid After RBNZ

The greenback has slipped in early Asia trade, brushing up against the bottom of yesterday's range, this has seen high beta currencies make gains so far in Asia with the Antipodeans leading the way higher post-RBNZ.

• NZD/USD dipped to a fresh intraday low of $0.7315 (a former breakout level & Jan 6 high) as the RBNZ left the OCR, LSAP & FLP settings unchanged and expressed readiness to act if needed, as "prolonged stimulus is necessary." The pair has more than retraced its initial swing and last sits +16 pips at $0.7356, with familiar technical levels in play.
• AUD is also higher, AUD/USD making fresh cycle highs at 0.7945, data earlier showed Q4 wage price index rising above expectations at 0.6%, but construction work done fell 0.9% against a 1% gain forecast.
• JPY pairs are weaker, USD/JPY 12 pips higher despite a lower USD. Finance minister Aso spoke earlier and said GDP will be worse in Q1 than Q4, he also said not thinking about easing fiscal discipline at this point.
• Offshore yuan is higher, USD/CNH down 80 pips at 6.4518. The PBOC fixed USD/CNY at 6.4615, 10 pips above sell side estimates. The bank injected CNY 10bn via reverse repos, another small injection by historical standards.
• GBP continues its journey higher, the pair challenged 1.42 as markets continue to endorse the reopening plan. Focus in the UK moves to central bank speak, with Bailey, Broadbent, Vlieghe, Haskel and Haldane due to speak later today, ahead of Friday's remarks from Haldane and Ramsden.