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USD Slightly Weaker, RBA Financial Stability Review On Tap Shortly

FOREX

G10 FX markets have got off to a muted start in Friday trade. The BBDXY is marginally below Thursday closing levels, last near 1241. In the cross asset space, US equity futures are higher, while US yields are softer in the first part of trade, albeit with losses not much beyond 1bps.

  • USD/JPY has drifted a touch lower, last near 151.50. Earlier highs were at 151.70. We had weaker than expected Feb national CPI data, albeit at the margins, but this hasn't had a lasting impact on sentiment. Note BoJ Governor Ueda will appear before parliament at 11am local time.
  • The US yield move may be helping yen sentiment at the margin, while upside resistance may be evident near recent highs just above 151.80.
  • AUD and NZD sit a touch higher. NZD/USD last close to 0.6045. We had Feb trade data earlier, which showed some improvement in the deficit position, but we are still coming from a low base over the past 12 months.
  • AUD/USD was last near 0.6570/75, coming up soon is the RBA Financial Stability Review.
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