Greenback Takes Lead

The greenback caught a light bid in today's quiet Asia-Pac session, which failed to provide any meaningful catalysts, with participants awaiting Fedspeak out of this week's Jackson Hole meetings.

• NZD slipped after data showed that New Zealand's trade balance flipped to a deficit of NZ$402mn in July from a surplus of NZ$245mn in June, with annual deficit widening to NZ$1.104bn as a result.
• The kiwi trimmed losses later in the session, but the broader commodity-tied FX space continued to trade on the back foot, as crude oil prices faltered.
• Greenback strength drove spot USD/CNH higher, with a softer than expected PBOC fix helping the move. China's central bank set their USD/CNY midpoint at CNY6.4728, 13 pips above sell-sde estimate.
• German Ifo survey, flash U.S. durable goods as well as comments from Fed's Daly & ECB's de Guindos take focus from here.