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Muted Start In Asia; Australia WPI, RBNZ On Tap

FOREX

Moves in G-10 FX have been limited this morning, there has been little macro news cross early in the session.

  • AUD/USD prints at $0.6860/65, ~0.1% firmer than yesterday's closing levels. Jan Westpac Leading Index printed at -0.08%. Q4 WPI will cross at the bottom of the hour, the Bloomberg Survey median estimate is for 3.5% YoY. Q4 Construction Work Done is also on the wires, estimate is 1.5%.
  • Kiwi has dealt in a narrow range this morning, last printing at $0.6215/20. The RBNZ rate decision is on the wires this morning. Bloomberg Survey looks for a 50bps increase, OIS markets have ~46 bps of tightening priced in. January's Trade Deficit was $1.954bn as imports rose due to domestic demand and higher prices.
  • Yen is little changed, USD/JPY is dealing at ¥135.00/05. Jan PPI Services printed at 1.6% marginally firmer than the estimated 1.5%.
  • Elsewhere moves have been limited so far, EUR and GBP are little changed and have observed narrow ranges.
  • Cross asset flows are also muted. E-minis are marginally firmer and BBDXY is little changed.
  • The aforementioned Australian WPI and RBNZ rate decision (previewed here) headline in Asia. Further out we have regional and national CPI from Germany as well as MBA Mortgage Applications. Minutes of the February FOMC meeting headline today’s docket.

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