USD Index Steady, NZD Outperforming Marginally

It has been a fairly muted start in G10 FX markets in the first part of Tuesday trade. The BBDXY is close to unchanged, last just under 1241. NZD/USD is marginally firmer, while other currencies are near end NY levels from Monday's session.

• Cross asset signals are fairly muted, with US equity futures steady, while US yields are a touch higher, but gains are less than 1bps at this stage.
• USD/JPY has tracked close to Monday highs (last near 151.90), but we did see further FX jaw boning from FinMin Suzuki. Comments appeared to be in line with recent rhetoric and didn't shift market sentiment meaningfully.
• NZD/USD is a touch higher, last above 0.6040. We are close to highs from last Thursday near 0.6050. Earlier we had a slump in Q1 business confidence per the NZIER, see this BBG link for more details. This didn't impact NZD though.
• AUD/USD is trailing NZD, with the pair unchanged near 0.6605 in recent dealings. The AUD/NZD cross is back to the 1.0930/35 region, against earlier levels of 1.0950.
• The Westpac consumer sentiment result for Australia fell 2.4% for April, down to 82.4. This is still above 2023 lows. We also have the RBNZ decision tomorrow, no change is expected, but we may be seeing some trimming of AUD/NZD longs ahead of this event.
• Looking ahead there isn't much out later, other than some second tier Japan data. Some focus is likely to rest on the CNY fix if USD/CNY spot threatens the topside of the daily trading band.