USD & JPY Pressured In Early Dealing

The greenback and the Yen are on the back foot in early dealing on Monday. News of the UBS takeover over of Credit Suisse as well as the coordinated Central Bank action to enhance the provision of US Dollar Liquidity has boosted risk sentiment in early dealing.

• AUD is the standout performer in the G-10 space at the margins. AUD/USD firmed before meeting resistance ahead of $0.6748 high from Mar 17 and paring gains to print at $0.6715/20. RBA's Kent spoke this morning and noted that its likely to take longer than usual to see the full effect of higher rates due to the high proportion of borrowers on fixed rate loans.
• USD/JPY is ~0.3% firmer, last printing at ¥132.20/30, as early risk on follows weigh on the yen. Upside resistance seen at ¥134.64, 20-Day EMA.
• Kiwi is marginally firmer, last printing at $0.6270/75. The pair firmed in early dealing, however there was little follow through and gains were pared.
• Elsewhere in G-10, EUR and GBP are ~0.2% firmer and CHF is a touch weaker.
• US Equity futures are firmer, e-minis are up ~0.6%. US Treasury Yields have opened firmer, 2 year yields are up ~10bps.
• The fallout from the UBS/Credit Suisse deal as well as the Coordinated central bank action to enhance the provision of U.S. dollar liquidity will dominate in Asia. Data-wise there is a thin calendar today.