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NZD Gives Back Some Gains, Steady Trends Elsewhere, AU Jobs & BoJ Speech Coming Up

FOREX

The BBDXY sits close to unchanged in early Thursday dealings. We were last near 1261.8 for the index. NZD/USD is down around 0.15%, the worst performer and unwinding some of Wednesday's bounce. It is mostly steady trends elsewhere in the G10 space.

  • Cross asset wise we have seen US yields rise a touch, but gains are under 1bps at this stage. The Fed's Mester stated the central bank is well positioned to wait and gather more data. Elsewhere, the Fed's Bowman stated time will tell if the Fed is sufficiently restrictive on rates and that progress on inflation may have stalled (BBG).
  • NZD/USD was last around 0.5910, against Wednesday highs of 0.5925. We are still comfortably sub all key EMAs in the pair.
  • USD/JPY is up from earlier lows at 154.20. The pair last in the 154.35/40 region.
  • Comments from the trilateral meeting with the US, Japan and South Korea that the authorities will continue to consult on FX developments aided the yen modestly in Wednesday US trade.
  • AUD/USD is close to steady last near 0.6435/40, which is leaving the AUD/NZD cross marginally higher at 1.0890/95.
  • Coming up in a little over an hour is the Australian jobs report. it could be a volatile outcome given last month's bumper +116.5k rise (the market consensus is for a further 10k gain).
  • We also have a speech by BoJ board member Noguchi at the same time.
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