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Steady Trends For AUD & NZD Ahead Of AU CPI And RBNZ

FOREX

Early Wednesday Asia Pac FX trends are muted, ahead of key event risks. In around 15 mins we have the AU Jan CPI print, then 30mins later the RBNZ decision.

  • The BBDXY is a touch higher, last near 1241.8. US equity futures sit down a touch, while US Tsy futures are up a touch, but both markets aren't giving strong cross-asset signals for FX at this stage.
  • USD/JPY is steady, last near 150.50. Tuesday lows came just under 150.10.
  • AUD/USD is around 0.6545. The Jan CPI is expected to tick up to 3.6% y/y from 3.4%, but the first month of the quarter is limited in terms of price updates. The AUD/NZD cross is steady, last near 1.0610.
  • NZD/USD is unchanged, last near 0.6170. The RBNZ is expected to remain on hold later, but a couple of forecasters expect a 25bps hike. the outlook for the OCR and CPI's return to target will be eyed as well.
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