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USD Little Changed, NFP In View

FOREX

The greenback is little changed in Asia, ranges have been narrow with little follow through on moves as today's NFP print comes into view.

  • Kiwi is the strongest performer in the G-10 space at the margins as NZ Bond Yields have risen with 10-Year Yield printing its highest level since 2011. NZD/USD is up ~0.2% and last prints at $0.6165/70.
  • AUD/USD is up ~0.1%, Australia's 10-Year Yield printed its highest level since 2014 which facilitated a recovery from early session lows. Resistance is at $0.6721, the high from June 27 and support comes in at $0.6596 the low from June 29 and bear trigger.
  • Yen is marginally firmer, USD/JPY sits a touch below the ¥144 handle. On the wires this morning Labour Cash Earning rose more than expected in May, printing at 2.5% Y/Y vs 1.2% exp.
  • Elsewhere in G-10 EUR and GBP are marginally lower and BBDXY is little changed from opening levels.
  • Cross asset wise; 2 Year US Tsy Yields are ~3bps firmer and e-minis are ~0.1% lower.
  • German Industrial Production headlines in Europe. Today's highlight is the June NFP print, the MNI preview is here.
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