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USD Softer In Early Thursday Dealings, But Wednesday Ranges Holding

FOREX

Early USD trends have been skewed to the downside, but the BBDXY remains within the ranges from US trade on Wednesday. We were last near 1228.65, up from earlier session lows near 1228.0. AUD, NZD and JPY are all marginally higher against the USD.

  • USD/JPY was last near 147.55/60, remaining within recent ranges. Focus will remain on local wage news flow ahead of tomorrow's Rengo announcement. This announcement is expected at 2pm local time, which is 0500GMT.
  • AUD/USD is a touch firmer, last near 0.6625, while NZD/USD is slightly outperforming, last close to 0.6160.
  • Earlier data showed signs of a net migration peak in NZ, but the rolling annual net migration intake is only just off recent highs.
  • UK data showed the RICS house price balance at -10%, the best print since late 2022, but in line with market expectations. GBP/USD is steady near 1.2800.
  • Risk event is light for the remainder of the Asia Pac session, leaving market participants on headline and risk sentiment watch.

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