Greenback Slightly Firmer Pre-Powell

Growth and commodity-tied FX is holding water so far Thursday, with AUD and NZD outperforming all others in G10. There are few signs of a bullish breakout just yet, however, with both pairs still well below the week's best levels and recent cycle highs. Australian trade balance data out overnight helped the AUD cause, with exports rising faster than forecast.

• Equities market are soft so far Thursday, with mainland indices lower by 0.2-0.7%. Nonetheless, the JPY remains soft to keep the recent bullish sequence of higher highs in tact for USD/JPY.
• Scandi currencies are among the worst performers of the day, with NOK and SEK both lower.
• Focus turns to a speech from the Fed Chair Powell, speaking later today at 1705GMT/1205ET. This marks the penultimate Fed speech ahead of the pre-March meeting media blackout period, so markets will be carefully watching for any policy signals - with speculation the Chair could lean dovish given recent volatility in yields. Data due today also includes weekly US jobless claims and Factory Orders.