USD Marginally Firmer In Asia

The USD is a touch firmer in Asia Monday, however ranges have been narrow with little follow through on moves.

• Kiwi is marginally pressured, NZD/USD is down ~0.1% trimming some of Friday's gains. The pair has see-sawed around its 20-Day EMA with little follow through on moves. NZIER's Quarterly Consensus notes that economists see 2023/24 GDP expanding at 0.6%. Westpac noted they see Fonterra 2023/24 milk price at $8.90/kg.
• AUD/USD has observed a narrow range, last printing at $0.6740/45 little changed from opening levels. Resistance comes in at $0.6751 high from June 9 and support at $0.6623 the 20-day EMA.
• Yen is a touch firmer, USD/JPY sits marginally below opening levels however a ~25pip range has persisted in Asia today. Early in the session Japan's May PPI printed weaker than expected, coming in at -0.7% m/m (exp -0.2%), although Apr was revised slightly higher to 0.3%, versus 0.2% prior.
• Cross asset wise; US Treasury Yields are ~1bp firmer across the curve and BBDXY is up ~0.1%. E-minis are also ~0.1% firmer.
• The docket is thin on Monday, further out the highlights of the week are US CPI (Tuesday), FOMC rate decision (Wednesday) and BoJ monetary policy decision (Friday).