USD Erases Early Gains

The greenback has pared early gains in the Asian session to sit little changed from opening levels, BBDXY registered its highest level since mid-March in early trade marginally extending Tuesday's gains.

• Kiwi sits little changed from opening levels, NZD/USD was down as much as ~0.4% before finding support at Tuesday's lows and paring losses. The pair sits at $0.5880/85.
• AUD/USD was down ~0.3% before paring losses through the session. Q2 GDP was in line with estimates at 0.4% Q/Q, the Y/Y measure was firmer than expected at 2.1%. Technically the trend condition remains bearish; support comes in at yesterday's low ($0.6358) and 2.00 projection of the Jun 16-Jun 29-Jul 13 price swing ($0.6287). Resistance is at $0.6465, yesterday's high.
• Yen is marginally firmer, USD/JPY prints at ¥147.50/60, the pair was as low as ¥137.37 in early trade as Japanese Currency Chief Kanda noted that he wouldn't rule out any options if FX moves continue. Narrow ranges were observed for the remainder of the Asian session.
• Elsewhere in G-10 EUR and GBP are a touch higher.
• Cross asset wise; BBDXY pared a 0.1% gain to sit a touch lower and US Tsy Yields are little changed.
• German Factory Orders and UK Construction PMI provide the highlight in Europe before the Bank of Canada's rate decision crosses.