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Narrow Ranges To Start

FOREX

There have been narrow ranges with little follow through on moves across G-10 FX on Thursday. Little meaningful macro news flow has crossed thus far.

  • Kiwi is a touch firmer, NZD/USD is up ~0.1% however a 10 pip range has persisted for the most part of the session.
  • AUD/USD is also up ~0.1% and last prints at $0.6530/35. Tuesday's low in AUD/USD reinforces bearish conditions, support comes in at $0.6497, the Aug 8 low, and $0.6458, low from May 31 and bear trigger.
  • Yen is a touch softer, USD/JPY is marginally higher than opening levels. July PPI was softer than expected printing at 0.1% M/M vs 0.2% exp.
  • Cross asset wise; US equity futures are firmer, a post-market rise in Disney has supported the space. BBDXY is little changed as are US Tsys.
  • There is a thin docket in Asia today, the market remains focused on this evening's US CPI print.
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