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NZD, AUD Pressured

FOREX

The Antipodeans are marginally pressured in early dealing on Friday. Elsewhere in G10 space moves have been limited with little follow through. Early in the session House Speaker McCarthy noted that this is no agreement on the US Debt Ceiling. He also said he will stay at the Capitol and continue working until a deal is done.

  • NZD/USD is down ~0.2% and sits a touch off session lows. Yesterday's low at $0.6045 remains intact for now, bear look to target the $0.60 round number resistance. RBNZ's Silk was on the wires this morning, she noted that rates need to stay on hold for an extended perioud and that the bank is wary of over tightening.
  • AUD/USD is also pressured, down ~0.2%. Thursdays lows have been breached and we sit a touch below $0.65 handle.
  • Yen is little changed from opening levels. USD/JPY fell below ¥140 but the yen couldn't hold its gains and we sit a touch above the handle. Tokyo Headline and Core CPI were a touch below estimates.
  • Elsewhere in G-10 NOK is down ~0.1% but liquidity is generally poor in APAC.
  • Cross asset wise e-minis are down ~0.2% and BBDXY is a touch firmer. US Treasury Yields are little changed.
  • April Retail Sales from Australia are the only data of note in Asia. Further out we have UK Retail Sales, US Consumer income, Wholesale Inventories, Durable Goods and UofMich Consumer Sentiment.
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