USD/JPY Moves Off Wednesday Highs In Muted Start For FX Markets

FX markets have had a fairly muted start to Thursday trading. The most notable mover has been USD/JPY, which is back down to the 132.55/60 region, around 0.2% firmer in yen terms for the session so far. This follows sharp underperformance from Wednesday's session. The 20-day EMA is at the 132.82 level, which may be an important near term pivot point for the pair.

• AUD/USD is still above 0.6680, while NZD/USD hold above 0.6620, slightly down on NY closing levels. EUR/USD is little changed so far as well, last at 1.0845.
• Cross asset signals are evident in terms of a modestly negative lead from US equity futures, (-0.10% at this stage).
• Coming up in a few minutes is NZ business sentiment readings. Earlier Feb building approvals slumped 9%. Then AU job vacancies print 30mins later.
• Later on, inflation data from Germany (state & national) and Spain will provide some interesting reference points in European hours. Further out, weekly jobless claims data and final Q4 GDP & PCE prints provide the highlights of a limited NY data docket, while Fedspeak will come from Kashkari, Collins & Barkin.