Risk Off In Early Friday Trade Amid Weaker US Equity Futures

G10 FX trends have seen a slight risk off tone to start Friday trade. The BBDXY USD index sits a touch higher, near 1264.7, which is above Thursday highs, but sub earlier weekly highs near 1268.

• USD/JPY is down a touch, last near 154.60. Earlier we had the National CPI for March, which was below expectations, although still contained some firmer m/m details. The yen didn't react to the prints though.
• US equity futures have opened up weaker, down 0.35% for Eminis and 0.55% for Nasdaq futures. This may be aiding yen, particularly on a cross basis.
• The continued flow of Fed speak this morning around push back on any near term rate cuts may be an equity headwind. In terms of US yields though, we are seeing slightly softer trends early, with front end yields down a touch.
• AUD and NZD are ticking down. We have AUD/USD back close to 0.6410, while NZD/USD is back under 0.5900. AUD is off 0.15% from NY closing levels, NZD down 0.10%
• The data calendar is empty for the rest of the session, which will leave FX trends likely driven by broader risk flows.