USD Index Steady, NZD Outperforming Modestly

There haven't been any dramatic FX moves since the Asia Pac open. The BBDXY sits slightly above it Tuesday NY closing level, last near 1232.00. We are comfortably above post US CPI lows (near 1229). NZD and AUD are tracking higher though in earlier dealings, albeit below Tuesday session highs. US cash tsys are close to unchanged, reversing an early cheapening impetus.

• USD/JPY is tracking slightly lower, last in 140.05/10 region. EUR/USD is back to 1.0790, with gains above 1.0800 unable to be sustained.
• AUD/USD is at 0.6770/75, slightly above on NY closing levels from Tuesday. Better metals commodity price action helping to offset higher core yields.
• NZD/USD is outperforming at the margins, last in the 0.6155/60 region. Earlier data showed the current account balance for Q1, slightly better than expected (-8.5% of GDP, -9.0% expected). Food prices rose 0.3% in May, versus 0.5% in Apr.
• The data calendar remains light for the rest of the Asia Pac session, with focus likely to firmly rest on the upcoming Fed decision later in the US.