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USD Off Modestly, USD/JPY Down From NY Session Highs

FOREX

The USD has had a quiet start, with the BBDXY currently slightly below NY closing levels, last at 1224.50. This leaves us very much within recent ranges (1220-1230 since mid January).

  • Cross asset signals are fairly muted early doors. US cash Tsy yields are off, more so at the front end (-1.1bps for the 2yr), but this follows gains through the NY session on Monday. Equity futures are down a touch (-0.10/-0.15%), but regional markets (that are open) are mostly higher, with Japan the standout so far.
  • USD/JPY is down slightly, last around 130.40/45 (130.42/130.73 range), after underperforming over recent sessions. Just released January PMI prints showed sequential improvement in services (52.4 from 51.1), but manufacturing was steady at 48.9.
  • Survey prints for AU and NZ haven't had a large impact. AUD/USD is at 0.7030 currently, with close to a 10pip range for the session. The December NAB business survey showed a pick up in confidence (to -1 from -4), but conditions eased to +12 from +20.
  • NZD/USD was last at 0.6485. EUR/USD a touch above 1.0870.
  • There isn't much in the way of further event risks for the Asia Pac session.

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