Kiwi Pressured In Asia

Kiwi is pressured in Asia today, NZD/USD is down ~0.6%. 2 Year inflation expectations fell to 2.79% in Q2 from 3.3% in Q1. 1-Year Inflation Expectations sit at 4.28% in Q2 vs 5.11% in Q1. Earlier in the session April BusinessNZ Manufacturing PMI which printed at 49.1 ticking higher from 48.1 prior.

• NZD/USD sits at $0.6260/65. The pair has found support ahead of the 20-Day EMA and sits at its lowest level since 4 May. A break through the 20-Day EMA opens the low from May 1 at $0.6161.
• AUD is marginally pressured as weakness in the kiwi spills over. AUD/USD prints at $0.6690/95, down ~0.2%. Resistance comes in at $0.6818 high from May 10 and support is at $0.6689 yesterday's low.
• USD/JPY has dealt in a narrow ~30 pip range in Asia with little follow through on moves. Support is at ¥133.50 low from May 4 and resistance is at ¥135.47 high from May 10.
• Elsewhere in G-10 ranges have been narrow with little follow through on moves. CHF is marginally outperforming however liquidity is generally poor for the Franc in Asia.
• Cross asset wise; e-minis are 0.1% firmer, US Treasury Yields are ~2bps lower across the curve. BBDXY is little changed from opening levels.
• In Europe we have preliminary print of Q1 UK GDP, further out UofMich Consumer Sentiment crosses.