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USD Index Firmer, But Recent Ranges Respected

FOREX
  • The greenback is furtively the firmest currency in G10 early Tuesday, but ranges are narrow and markets are awaiting the next macro cue to turn markets with conviction. Bank of Japan chief Ueda met with the Japanese PM earlier today to discuss the economy, markets and inflation - another signal that these issues are still top-of-mind for the most senior policymakers in the country, resulting in a reaffirmation of the commitment to intervene in currency markets if required.
  • USD/JPY remains higher on the week, with the 50-dma support helping underpin from the tail-end of last week. Today that level crosses at 152.07.
  • The RBA kept policy rates unchanged - as expected - overnight. AUD/USD was little changed, but the pair remains tilted higher following the breach of resistance on the way to a new multi-month high on Friday of last week. This leaves 0.6647 and 0.6668 as the next upside levels of note.
  • Focus for the duration of the Tuesday session turns to Canada's Ivey PMI release for April and appearances from ECB's de Cos & Nagel and Fed's Kashkari.
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