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Muted Start Across G-10 FX

FOREX

There has been a muted start across G-10 FX this morning. Ranges have been narrow with little follow through on moves thus far.

  • Kiwi is marginally pressured and sits a touch above Wednesday's low. NZD/USD sits in a narrow 8 pip range and last prints at $0.6070/75.
  • AUD/USD is little changed, the pair sits marginally below $0.66 handle. Support comes in at $0.6562 76.4% retracement of the May 31 to June 16 rally.
  • Yen is a touch firmer however ranges remain narrow. May Retail Sales were firmer than expected printing at 1.3% M/M vs 0.8% exp.
  • Elsewhere in G-10 EUR and GBP are marginally pressured.
  • Cross asset wise; US equity futures are firmer after US banks passed the Feds stress tests. E-minis are up ~0.2%. US Tsy Yields are ~1bp firmer across the curve.
  • Australian May Retail Sales are on the wires in around 1 hour, a rise of 0.1% M/M is expected.
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