Muted Start Across G-10 FX

There has been a muted start across G-10 FX on Wednesday, ranges are narrow with little follow through on moves.

• Kiwi is marginally outperforming, NZD/USD is ~0.1% firmer however a narrow ~10 pip range has been observed. There was little reaction to the New Zealand Q1 Retail Sales print which came in at -1.4% Q/Q vs 0.2% exp.
• AUD/USD sits at $0.6610/15, unchanged from yesterday's closing levels. We sit a touch above support of $0.6605 low from May 18. On the upside $0.6701 the 50-day EMA provides resistance.
• Yen is also little changed from yesterday's closing levels, a narrow 15 pip range has persisted in early dealing.
• Cross asset wise; US equity futures are marginally higher. E-minis are up ~0.2%. US Treasury Yields are little changed. WTI futures are up ~1%.
• The RBNZ's latest monetary policy decision headlines in Asia-Pac today. The bank is expected to raise the OCR 25bps to 5.50%. Further out we have UK CPI and the minutes from the May FOMC meeting.