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Quiet Start In Asia

FOREX

After a volatile day of trading yesterday G-10 FX has had a muted start on Wednesday. JPY is marginally outperforming.

  • BBDXY is little changed in early trading. Since breaking above its 20-day EMA in early Feb the index has found support on the EMA and it is now emerging as a level to watch. The index dropped below the 20-day EMA post yesterday US CPI but recovered as rising US yields boosted the greenback.
  • Yen is firmer, USD/JPY is down ~0.1% last printing ¥133.00/05. JPY was the weakest performer yesterday as rising US yields weighed and paring some of its losses in early trading.
  • AUD is unchanged from yesterday's closing level, dealing in a narrow 10 pip range thus far. RBA's Lowe is on the wires shortly at a Senate hearing.
  • Kiwi has also observed tight ranges, and is marginally softer. NZD/USD last printed $0.6330/35. AUD/NZD closed above $1.10 yesterday, bulls now look to break the high from 11 Nov at $1.1045.
  • Elsewhere EUR,GBP and CHF are flat.
  • Cross asset flows are muted, US Equity futures are marginally softer and US Treasuries are little changed.
  • As previously mentioned RBA's Lowe speaks shortly, then 1-Year MLF from China will cross. Further out we have CPI/RPI from the UK, Empire Manufacturing and US Retail Sales.
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