Muted Start Across G-10 FX

There has been a muted start across G-10 FX on Monday, ranges have been narrow with little follow through on moves thus far. Markets in Australia are closed for the observance of a national holiday.

• Yen is a touch firmer, USD/JPY is down ~0.1% and currently sits a touch off session lows. Japan's May PPI printed weaker than expected, coming in at -0.7% m/m (exp -0.2%), although Apr was revised slightly higher to 0.3%, versus 0.2% prior.
• AUD/USD is consolidating Friday's gains, however ranges remain narrow with a $0.6740/50 range persisting for the most part thus far.
• NZD/USD prints at $0.6125/30, the pair is a touch lower than Friday's closing levels. NZIER's Quarterly Consensus notes that economists see 2023/24 GDP expanding at 0.6%. Westpac noted they see Fonterra 2023/24 milk price at $8.90/kg.
• Elsewhere in G-10 GBP is a touch firmer however ranges remain narrow.
• Cross asset wise; US Treasury Yields are little changed from Friday's closing levels and BBDXY is a touch softer. E-minis are ~0.1% firmer.
• The data calendar is thin on Monday. The week is headlined by US CPI and the FOMC and BoJ monetary policy decisions.