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Muted Start, RBA Provides Highlight In Asia

FOREX

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

  • AUD/USD is a touch firmer, up ~0.1%. Judo Bank Mfg PMI was unchanged at 49.6 for the final read. Resistance comes in at the 20-Day EMA ($0.6736), the high from 27 July ($0.6821) and the high from 20 July ($0.6847). Support is at $0.6619, low from Jul 7, and $0.6596 the low from June 29.
  • Kiwi is also a higher, Monday's highs remain intact and ranges have been narrow.
  • Yen is a touch pressured, USD/JPY prints at ¥142.30/40. The Jobless Rate in Japan ticked lower in June to 2.5% from 2.6%. Resistance comes in at ¥142.68, yesterdays high, and ¥142.98, top of bull channel drawn from Jan 16 low.
  • Cross asset wise; US Tsys are little changed and is BBDXY. US Equity futures are dealing in a narrow range.
  • A reminder that the highlight of the Asia docket is the RBA's monetary policy decision, the decision crosses at 1230HKT/1430AEST, and will be a close call between the cash rate remaining unchanged and a 25bp increase.
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