Muted Start In G10; China Trade Data, RBA On Tap

There has been a muted start across G-10 FX on Tuesday morning. Moves have been limited with little follow through.

• AUD/USD has dealt in a narrow range this morning, the pair last prints at $0.6730/35. The Trade Balance for January was a touch narrower than expected, a surplus of $11.7bn was recorded vs $12.25bn exp however there was little reaction in the AUD.
• Kiwi has observed a narrow range with little follow through on any moves. NZD/USD last printed at $0.6195/6200, little changed from yesterday's closing levels.
• Yen is a touch softer, USD/JPY prints at ¥136.00/10. January's Labor Cash Earnings printed at 0.8% below the expected 1.8%, Real Cash Earnings fell 4.1% vs -3.2% exp.
• Elsewhere there haven't been any meaningful moves across G-10. EUR and GBP are little changed, NOK and CHF are marginally softer.
• 10 Year US Treasury Yields are ~1bp firmer and S&P500 e-minis are ~0.1% firmer.
• Chinese trade balance data and the RBA monetary policy decision headline in Asia-Pac today. Further out we have Wholesale Inventories and Consumer Credit, but it will be Fed Chair Powell's semi-annual Monetary Policy report to the Senate Banking Committee that provides the highlight.