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USD Firms In Early Trade

FOREX

The greenback is dealing on the front foot early in Monday’s Asian session. Heightened geopolitical tensions centred on Sino-US relations and the latest round of North Korean missile launches is supporting the USD.

  • AUD/USD is ~0.2% softer, last dealing at $0.6865/70. The pair deals a touch above session lows. Downside support comes in at $0.6812, Feb 16 low, and $0.6781 38.2% retracement of the Oct-Feb downleg.
  • Kiwi is also pressured, down ~0.3%. NZD/USD prints at $0.6230/35, support was seen on Friday below $0.62. The RBNZ rate decision on Wednesday highlights the data calendar this week for NZD.
  • Yen is also marginally pressured. USD/JPY prints at ¥134.30/40, ~0.1% firmer this morning. The local data calendar is empty today, on 24 Feb new BoJ Governor Ueda will appear before the lower house of parliament as part of confirmation hearings.
  • EUR, GBP and CHF are all ~0.1% softer this morning.
  • LPR fixings from China will cross today, Bloomberg survey shows no changes are expected for the 1 and 5-Year LPR. Further out, the docket is thin. U.S. cash markets are closed for the observance of the Presidents Day holiday, wider liquidity will be impacted.
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