Moves In G-10 Limited, US Cash Markets Closed

Moves across G-10 have been limited on Monday, U.S. markets are closed due to the observance of the Presidents Day holiday impacting wider liquidity. USD was firmer in early trade, heightened geopolitical tensions (centred on Sino-U.S. relations and the latest round of North Korean missile launches) boosted the greenback however there was little follow through.

• AUD is the strongest performer in G-10 space at the margins. AUD/USD is ~0.2% firmer, last printing at $0.6890/95 having found resistance at $0.69 this afternoon. Firmer Iron Ore and Copper are aiding the AUD at the margins. AUD/NZD firmed, printing its highest level since November.
• NZD/USD prints at $0.6240/45, little changed from opening levels. Found support below $0.6330, before firming to session highs as Finance Minister Robertson noted that the RBNZ needs to combat inflation and that the bank has a mandate which gives them the ability to look through current events. UBS became the first sell side name to adopt a base case of the RBNZ pausing its hiking cycle to assess the implications of Cyclone Gabrielle.
• Yen is little changed today, USD/JPY has been rangebound today. USD/JPY faced resistance above ¥134.50, before an offer with support coming in at ¥134.00. The local data calendar this week is headlined by Jibun Bank PMIs tomorrow and National CPI on Friday.
• EUR and GBP are little changed having observed narrow ranges today.
• Cross asset flows are muted, US Equity futures are little changed from opening levels as is BBDXY.
• In Europe today the docket is thin, Eurozone Consumer Confidence providing the only data of note. U.S. cash markets are closed for the observance of the Presidents Day holiday, wider liquidity will be impacted.