USD Pressured In Asia

The greenback is pressured in Asia, Asia-Pac participants looked to the dovish elements of Wednesday’s post-FOMC statement and Chair Powell’s communique. BBDXY breached lows seen in the aftermath of the FOMC rate decision, and now sits a touch off its lowest level since 14 Feb.

• Kiwi is the strongest performer in the G-10 space at the margins. NZD/USD sits above the 200-Day EMA ($0.6272). Earlier in the session RBNZ Chief Economist Conway spoke this morning, he noted that damaging effects of high inflation and that inflation remains too high in NZ. He also said the RBNZ will need to hike more to return inflation to target.
• AUD/USD prints at $0.6740/45, up ~0.8% today. The next resistance in AUD/USD is seen at the 50-Day EMA ($0.6771).
• Yen is also firmer, benefiting from a fall in 2 Year US Treasury Yields. USD/JPY prints at ¥130.60/70 and has breached yesterday's post FOMC lows. The pair found support below ¥130.54, low from March 20, and marginally pared losses.
• Elsewhere in G-10 broad based USD weakness has seen EUR rise ~0.4%. EUR/USD is within touching distance of yesterday's €1.0912 peak, a break through there would expose key resistance at €1.1033 Feb 2 high.
• Cross asset wise; 2 Year US Treasury yields are ~6bps lower at 3.87% having peaked in early trade at 3.97%. E-minis are ~0.5% firmer, and the Hang Seng is ~0.8% firmer.
• In Europe today we have SNB, Norges Bank and BOE rate decisions. Further out New Home Sales, Initial Jobless Claims and Fedspeak from St Louis Fed Bullard will also cross.