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USD Ticking Higher In Early Trade

FOREX

The greenback has firmed in early trade on Thursday alongside US Tsy Yields as Asian participants digest yesterday's ISM Services print. Ranges do remain narrow thus far.

  • Kiwi is the weakest performer in the G-10 space thus far, NZD/USD sits a touch above YTD lows and last prints at $0.5865/70. New Zealand Q2 filled jobs rise 1.1% q/q, matching the pace in Q1.
  • AUD/USD is marginally lower, however recent lows remain intact for now. Support comes in at $0.6357, yesterday's low and $0.6287, 2.00 projection of Jun 16-Jun29-Jul 13 price swings.
  • Yen is also softer however ranges remain narrow with little follow through thus far. The trend condition in USD/JPY remains bullish resistance is at ¥147.82, high from 6 Sep, and ¥148.40, high Nov 4 2022. Support comes in at ¥145.52 the 20-Day EMA.
  • Cross asset wise; BBDXY is ~0.05% firmer and US Tsy Yields are ~1bp firmer across the curve.
  • Australia Trade Data as well as RBA's Lowe and BOJ's Nakagawa provide the highlight in an otherwise thin Asia-Pac docket today.

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