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Muted Start In G-10

FOREX

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

  • AUD/USD prints at $0.6670/75, the pair has observed a ~20 pip range this far. Westpac Leading Index printed at -0.06%, the measure leads economic activity compared to trend by 3 to 9 months, thus it is signalling below trend growth over 2023.
  • Kiwi is softer, NZD/USD printis at $0.6180/85. The pair is down ~0.2% today. Marginal pressure has been seen as Westpac downgraded their NZ milk price forecast to $8.40/kg.
  • Yen is little changed from yesterday's closing levels, USD/JPY has observed narrow ranges in early dealing. Technically we sit a touch below resistance level of ¥132.65, high from March 20. Support comes in at ¥130.54, the low from March 20.
  • Cross asset wise; US Treasury Yields are softer, the 2 Year Yield down ~3bps. BBDXY is flat, as are e-minis.
  • There is a thin data calendar in Asia today. Further out the Fed rate decision headlines, our preview is here. UK CPI and Initial Jobless Claims will also cross.
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