Little Meaningful Moves, USD Marginally Pressured

There have been little meaningful moves observed across FX in early trading, the USD is marginally pressured with BBDXY down ~0.1%.

• USD/JPY is ~0.1% softer, last printing ¥132.40/50. Dec Labour Cash Earning rose 4.8% vs 2.5% exp, Dec Real Cash Earning were also on the wires printing at 0.1% vs -1.5% exp. Jan Household spending fell 1.3% more than the exp -0.4%.
• AUD is the strongest performer in G-10 space at the margins. AUD/USD is ~0.2% firmer, last printing $0.6890/95. Dec trade balance is on the wires shortly, however the RBA rate decision today is the main focus.
• NZD/USD is ~0.1%, dealing in a narrow 15 pip range today, last printing a tough off session highs at $0.6310.
• EUR/USD and GBP/USD are both marginally higher.
• Cross asset flows are seeing US Equity Futures firm in early trade, e-minis are up ~0.2%. US Treasury yields are little changed across the curve.
• The latest RBA Monetary Policy decision headlines the Asia-Pac session, the Bank is expected to hike by 25bp. Further out we have US Trade Balance, which headlines an otherwise thin data slate. Fed Chair Powell speaks today for the first time since last week's Fed meeting.