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NZD Slips In Early Asia Pac Trade, AUD/NZD Back Above 1.0600

FOREX

Early Monday FX trends are a little bit risk off, but overall moves are modest at this stage. The BBDXY is barely unchanged, last near 1242.5.

  • NZD/USD is off close to 0.25%, last near 0.6180. AUD is unchanged, near 0.6560. This has left the AUD/NZD cross firmer, back to 1.0605/10. We have the RBNZ meeting coming up on Wed, along with AU CPI.
  • The consensus looks for no change at the Wed meeting, but market pricing has a small chance of a hike.
  • Last week's large NZ$4bn issuance (2054 bonds) also reportedly drew strong offshore demand, but such inflows may be dissipating now. Kiwi was also the best G10 performer last week.
  • USD/JPY is down a touch, last near 150.40. US equity futures sit slightly lower, while US Tsys are broadly unchanged since the open.
  • On the data front, the Japan Jan PPI services printed at 2.1% versus 2.4% prior.
  • The data calendar is empty for the rest of the Asia Pac session, leaving the market on headline/risk watch.
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