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Mild USD Bid In Early Trade

FOREX

The greenback is marginally stronger in early dealing on Friday. BBDXY is ~0.1% firmer, 2 Year US Treasury Yield are up ~1bp.

  • Kiwi is pressured, NZD/USD prints at $0.6240/45 ~0.1% softer. ANZ has lowered its 2022/23 milk price forecast to 8.25/kg.
  • AUD/USD is also softer, however yesterday's lows remain intact for now. The pair sits a touch of session lows at $0.6675/80.
  • Yen is little changed from yesterday's closing levels. USD/JPY has observed a narrow ~20pip range with little follow through on moves. On the wires a short time ago Japan's February National CPI crossed. Headline (3.3%) and Core (3.1%) figures were in line with expectations. Core-core measure was a touch above expectations at 3.5%.
  • Elsewhere in G10 NOK is the weakest performer at the margins. USD/NOK is ~0.2% firmer, bulls look to target the 20-Day EMA at 10.50.
  • E-minis are a touch firmer in early trade, up ~0.1%. Australia’s ASX200 is down ~0.4%.
  • There is a thin docket in Asia for the remainder of the session. Further out we have flash PMIs from Europe and the US, as well as Durable Goods Orders.
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