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USD Trims Tuesday's Losses In Early Trade

FOREX

The greenback has trimmed some of Tuesday's losses in early trade, BBDXY is up ~0.1% having fallen ~0.4% yesterday. Ranges do remain narrow thus far in the Asian session.

  • AUD/USD is down ~0.1%, the pair last prints at $0.6475/80. Despite yesterday's rally trend conditions remain bearish. Support comes in at $0.6365, low from Aug 17 and bear trigger. Resistance is at $0.6488, yesterdays high, and $.6589, the 50-Day EMA.
  • Kiwi is also marginally pressured, NZD/USD is down ~0.1%. On the wires this morning July Building Permits fell 5.2% M/M, the prior read was revised lower to 3.4%.
  • Yen is lower as US Tsy Yields are firmer in early trade. Ranges remain narrow in USD/JPY, the pair sits a touch above the ¥146 handle. The uptrend remains intact, resistance comes in at ¥147.37 (yesterday's high) whilst support is at ¥144.77 (20-Day EMA).
  • Cross asset wise; BBDXY is up ~0.1% and US Tsy Yields are ~1bp higher across the curve. US Equity futures are marginally firmer.
  • CPI data from Australia is due in 1.25 hours and headlines today's Asian session. A downtick in inflation to 5.2% Y/Y from 5.4% is expected.
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