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USD Edges Up, NZD & JPY Falter

FOREX

The USD is slightly higher in the first part of trading. The BBDXY is back above 1264, with most the USD strength concentrated against NZD and JPY. In the cross asset space, US cash Tsy yields have risen a touch further, 0.5-1bp firmer across the curve, following firm rises in US trading. Regional equities are mostly lower, except for Japan, while US futures are up 0.10-0.20% at this stage.

  • NZD/USD is back sub 0.6350, weighed by a plunge in business confidence to record lows. This follows yesterday's drop in consumer confidence to record lows. We are -0.30% weaker for the session and the worst performer in the G10 space.
  • The A$ is benefiting from AUD/NZD demand, with AUD/USD only off a touch so far, back at 0.6695/00. The AUD/NZD cross is at 1.0550. The RBA minutes were fairly balanced, with the RBA discussing 3 different options, no change, +25bps and +50bps. It ultimately settled on +25bps and expects to adjust policy further.
  • USD/JPY is close to session highs, last around 137.30. This is through overnight highs, with the upcoming focus the BoJ policy announcement. Note highs in the pair form late last week were close to 138.20.
  • Also coming up soon is China 1yr and 5yr LPR outcomes.
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