USD Marginally Pressured

The greenback is on the defensive in Asia today in early dealing. The continued impasse over the US debt ceiling has marginally pressured the USD on Monday, there was no breakthrough in talks over the weekend and President Biden and House Leader McCarthy are scheduled to meet today.

• Yen is ~0.1% firmer, USD/JPY prints at ¥137.70/80 as the pair holds below ¥138 after finding support below ¥137.60. Core Machine Orders for March were weaker than expected printing -3.5% Y/Y vs exp 1.3%.+
• AUD/USD is 0.1% firmer, the pair sits a touch below session highs after firming as US Equity Futures rallied off session lows.
• Kiwi is little changed from opening levels, the pair was pressured in thin liquidity this morning before paring gains. AUD/NZD is back below $1.06.
• Elsewhere in G-10 SEK is ~0.3% firmer however lquidity is generally poor in Asia. GBP and EUR are both ~0.1% firmer.
• Cross asset wise; e-minis are flat having been down as much as 0.3% this morning. BBDXY is 0.1% lower and US Treasury Yields are marginally softer.
• There is a thin data docket today, participants are focused on the US debt ceiling situation which should evolve through the session.