Yen Pressured In Early Trade

USD/JPY is firmer on Wednesday as weaker than expected trade balance and current account figures weigh on the Yen.

• JPY was also a relative outperformer in the G-10 space on Tuesday, perhaps the rise in US Yields seen yesterday is being felt in early Asian trading. USD/JPY prints at ¥137.45/55, upside resistance is at ¥137.95 high from 2 March and bull trigger.
• AUD/USD has observed a narrow range this morning, brief pressure was seen as RBA Gov Lowe noted that the RBA is getting closer to a pause but that the peak in rates hasn't been reached however there was little follow through and the losses were pared. AUD/NZD is holding below the $1.08 handle.
• Kiwi has observed a 10 pip range for the most part this morning, NZD/USD last prints at $0.6105/10. The domestic data calendar is empty today.
• Elsewhere in G-10 moves have been limited and ranges narrow.
• Cross asset wise, US Equity futures are marginally softer and 10 Year US Treasury Yields are ~1bp firmer.
• The data calendar for the remainder of the Asian session is thin. Further out we have final Eurozone GDP, MBA Mortgage Applications, ADP Employment , Trade Balance and JOLTS Job Openings. Fed Chair Powell’s Senate testimony continues today.