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USD Firmer In Early Dealings, Aust Monthly CPI Coming Up Soon

FOREX

Early G10 FX trends are skewed towards higher USD levels. The BBDYX is above 1267, up a little under 0.10% versus end NY levels from Tuesday. We are still sub intra-session highs from Tuesday near 1267.75.

  • Higher beta FX is underperforming marginally, with AUD and NZD both off a little over 0.1% at this stage, while USD/JPY is close to unchanged (last near 159.70).
  • Cross asset trends are steady, with US yields close to unchanged in early dealings, while US equity futures are also steady. News flow has been light, with USD trends looking to be a continuation of what we saw from Tuesday US trade.
  • AUD/USD is under 0.6640. We had comments from RBA Assistant Governor Kent earlier around the need for restrictive policy settings to bring down inflation pressures. Kent reiterated the RBA line that nothing is being ruled in or out from a policy standpoint.
  • Coming up a little later is the May CPI report in Australia. The market expects a 3.8% y/y print versus 3.6% prior. The range of forecasts is 3.5-4.0%.
  • NZD/USD is near 0.6115 in latest dealings. EUR/USD is near 1.0700.
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