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Muted Asian Session

FOREX

The greenback has dealt in narrow ranges in today's Asian session. There has been little meaningful moves across G-10 FX.

  • USD/JPY is little changed, last dealing at ¥131.15/25. Dec Trade Balance printed marginally higher than expectations this morning. There was little reaction in the pair to comments from PM Kishida as he noted that he is considering the impact on the markets re: his choice of BoJ Governor, while flagging communication as a key trait for the successful candidate.
  • AUD/USD has dealt in narrow ranges today, currently a touch off best levels at $0.6960/65. The pair has been pressured at the margins as Iron Ore futures in Singapore continue to weaken, down ~0.2% today.
  • AUD/NZD is a touch above $1.10 having broken through the key level in early trading. A close above this level opens further upside in the cross.
  • Kiwi is also little changed having firmed off session lows, resistance was seen ahead of the 50-day EMA. NZD/USD prints at $0.6325/30. ANZ lowered their Fonterra 2022-23 milk price forecast this morning to $8.50/kg, adding pressure at the margins in early trade. PM Hipkins announced the minimum wage will rise in line with CPI in April.
  • EUR and GBP are little changed today having respected tight ranges.
  • In Europe today there is a thin data slate. Further out we have a number of Fed speakers on the wires.
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