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Steady USD Start, Fedspeak Doesn't Impact Sentiment, RBNZ In Focus Later

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It has been a relatively steady start in terms of G10 FX trends. The BBDXY index sits little changed from end Tuesday levels, last near 1247.35.

  • We had some Japan data prints earlier. The April trade balance was a little wider than forecast in unadjusted terms, with export growth at 8.0% y/y (against a 11.0% forecast). Imports were close to forecast at 8.3% y/y. Core machine orders were firmer for March, up 2.9% m/m (-2.0% forecast) and +2.7% y/y.
  • This hasn't impacted yen sentiment though. USD/JPY was last around 156.20, slightly above end NY levels from Tuesday.
  • We have also had some Fed speak cross the wires. Collins and Mester noting it will take longer for inflation to drop to target (see this link). There hasn't been an impact on US Tsy yields rthough, we sit close to unchanged in early dealings.
  • AUD (0.6670) and NZD (0.6095) sit close to unchanged. The main focus with will be on the RBNZ decision later, although no major changes are expected.
  • The AUD/NZD cross is tracking above recent lows (sub 1.0900), last around 1.0940.
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It has been a relatively steady start in terms of G10 FX trends. The BBDXY index sits little changed from end Tuesday levels, last near 1247.35.

  • We had some Japan data prints earlier. The April trade balance was a little wider than forecast in unadjusted terms, with export growth at 8.0% y/y (against a 11.0% forecast). Imports were close to forecast at 8.3% y/y. Core machine orders were firmer for March, up 2.9% m/m (-2.0% forecast) and +2.7% y/y.
  • This hasn't impacted yen sentiment though. USD/JPY was last around 156.20, slightly above end NY levels from Tuesday.
  • We have also had some Fed speak cross the wires. Collins and Mester noting it will take longer for inflation to drop to target (see this link). There hasn't been an impact on US Tsy yields rthough, we sit close to unchanged in early dealings.
  • AUD (0.6670) and NZD (0.6095) sit close to unchanged. The main focus with will be on the RBNZ decision later, although no major changes are expected.
  • The AUD/NZD cross is tracking above recent lows (sub 1.0900), last around 1.0940.