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USD Marginally Lower, Fed's Waller Speaks Soon, China Home Prices Later

FOREX

The USD has started Friday trade on a slightly weaker footing, the BBDXY off a modest 0.05% to 1241.5.

  • In the cross asset space, US equity futures are slightly lower after Thursday’s strong gains. US Tsy futures sit a touch higher from end Thursday levels. We do have the Fed's Waller speaking in around 10 mins on the economic outlook.
  • Comments from Fed officials on Thursday generally pushed back early rate cuts, but Harker stated that a May cut wasn't ruled out (albeit not the forecast).
  • AUD and NZD are outperforming at the margin, both up around 0.10%. The sharp fall in Q4 NZ retail sales volumes (including downward revisions to Q3 data) hasn't had a lasting negative impact on sentiment for NZD. NZD/USD was last around 0.6200, AUD/USD above 0.6560.
  • USD/JPY is a touch lower, last near 150.40. Note Japan markets are closed today, which will mean no cash US Tsy trading until London markets get underway.
  • Later on, China home prices for Jan will print, which will draw some focus.
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