Muted Start, Focus On Ueda Confirmation Hearing

There has been a muted start to Friday's trading across G-10 FX. Moves have been limited thus far.

• USD/JPY was briefly pressured early on, however support came below ¥134.40 and gains were pared. Yen sits marginally firmer with USD/JPY printing ¥134.50/60. CPI was marginally softer tahn expected, all three measures missed expections by 0.1%. Focus is on BOJ Governor-nominee Ueda's appearance before Japan's lower house which begins shortly
• The antipodeans are little changed. AUD/USD prints at $0.6805/10, a narrow 10 pip range has been observed. Westpac lifted their terminal rate call to 4.1% from 3.85%, with 25bp hikes now seen in March, April and May.
• NZD/USD prints at $0.6230/35. RBNZ Assistant Gov Silk noted this morning that there are still upside risks to inflation, forecast terminal rate is not “set in stone” and all rate hike options are on the table for April meeting.
• Elsewhere EUR and GBP are a touch firmer, however remain in narrow ranges.
• US Equity futures are softer, e-minis are down ~0.1%. BBDXY is flat. US Treasury Yields are down ~1bp across the curve.
• The aforementioned Ueda appearance headlines in Asia. Further out we have a slew of U.S. data including personal income/spending, PCE deflator, UofMich consumer sentiment and new home sales. A number of Fed speakers are scheduled to cross.