USD Ticks Higher As US Markets Return, Australia Q2 GDP Inputs Due Soon

Early G10 FX trends are showing a tick higher in the USD. The USD BBDXY index last near 1236, up slightly for the session.

• USD/JPY edged down earlier but has been supported on dips, the pair last near 147.05. We had money base figures earlier, which didn't shift sentiment. Of greater focus will be 10yr auction results due later today.
• JGB yields are higher, but this looks to be broadly following global fixed income trends over recent sessions. US yields have re-opened higher after the Labor Day break, with most parts of the curve around 2bps higher.
• This has likely benefited the USD at the margins, although looks to be largely catch up to futures price action. In the equity space, US futures sit down a touch.
• There is likely to be some focus on China/HK equity trends today, given yesterday's falls weighed on regional FX risk appetite.
• AUD/USD is down modestly, last 0.6785/90, while NZD/USD is off a touch, last under 0.6230.
• We had NZ terms of Trade data earlier, which was +2.0%q/q and close to expectations.
• Coming up we have more Q2 GDP inputs for Australia, including net exports and public demand. These two prints could be important in terms of tomorrow's Q2 GDP update, where the consensus looks for moderate +0.2%q/q growth.