The aussie and kiwi are the laggards to start the day
Both commodity currencies are weighed lower as the rates market is pricing in further odds of a rate cut by both central banks following the events in Asian trading. The aussie is lagging after the RBA solidified its neutral stance while paying more attention to downside risks that could skew its bias to being more dovish.
Meanwhile, the kiwi is down after Q1 business confidence fell hard and intensified calls for the RBNZ to cut rates in the coming months.
The two currencies are also joined by the pound which is trading lower after the UK parliament failed to reach a majority during the indicative votes process overnight. With no clear solution in sight, the Brexit situation remains in limbo - at best - and that's not providing much relief for the pound at the moment.
Other major currencies are trading in a more subdued manner with narrow ranges prevailing throughout. Risk sentiment is rather mixed with equities struggling to find direction as bond yields are slightly lower as we begin the European morning.
