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USD Steady, NZD Weighed By CPI, AU Inflation Out Soon

FOREX

The BBDXY has been steady in the first part of trade, sitting around 1224.30 currently. The majors, in terms of EUR and JPY have tracked very tight ranges and sit close to NY closing levels. NZD/USD has faltered post the CPI print, which undershot RBNZ expectations, and the flow on effect to NZ yields has weighed.

  • The pair touched a low of 0.6477 but is now back to 0.6485/90. We did hit 0.6525 immediately post the CPI print.
  • AUD/USD was dragged lower to 0.7033, but is now back to 0.7045, unchanged for the session. Coming up shortly is Australian Q4 CPI.
  • The equity space is weighing on broader risk appetite, with US futures off by -0.40/-0.60% in terms of the major indices at this stage. At this stage though the flow on effect to broader FX trends has been fairly limited.
  • For AU CPI, the market expects +1.6% q/q, +7.6% y/y for headline, +1.5%, +6.5% y/y for trimmed mean. Dec CPI also prints +7.7%y/y is forecast.
  • EUR/USD sits close to 1.0890 unchanged for the session, while USD/JPY is a touch higher so far, last tracking near 130.25/30.
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