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USD Marginally Pressured In Early Trade

FOREX

The greenback is marginally pressured in early Asian trade on Wednesday as the weakness seen in yesterday's NY session continues, AUD and JPY are outperforming in the G-10 space at the margins.

  • USD/JPY is down ~0.2%, the pair last prints at ¥131.35/45. The pair has breached Tuesdays lows, support comes in ¥130.76 low from March 29. The final March print of Jibun Bank Services PMI printed a short time ago at 55.0 rising from 54.2. The Composite measure rose to 52.9 from 51.9 in March.
  • AUD/USD is ~0.2% firmer, last printing at $0.6765/70. The final print of March Judo Bank Services PMI was 48.6, rising from 48.2 prior. The Composite read rose to 48.5 from 48.1.
  • Kiwi is also firmer, up ~0.1%. The next upside target is the high from Feb 14 at $0.6390.
  • Elsewhere in G-10 EUR and GBP are marginally firmer as marginal USD weakness is evident across FX. BBDXY is down ~0.1%.
  • Cross asset wise, e-minis are up ~0.1% and 2 Year Us Treasury Yields are ~1bp firmer.
  • The RBNZ monetary policy decision headlines in Asia-Pac today, the bank is expected to raise the OCR 25bps to 5.00%. Further out there is a slew of US data including ADP Employment, Trade Balance, Services PMI and ISM Services survey.
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