The mood started out positive following the better Wall Street close on a lower-than-expected CPI. The Australian and New Zealand dollars got early bumps of around a dozen pips but the gains didn't last. As Tokyo ramped up the mood slowly soured, though not to concerning levels. US stock futures fell into negative territory and the antipodeans gave back gains.

There were no headlines that impacted anything, though Japanese officials expressed some cautious optimism about a slow exit from deflation. USD/JPY traded tight to 148.20 in the latter half of the US session and has stayed there, though is under some modest pressure at the moment and yields dip.

The one notable move so far is in gold, which is up $13 to the highest since Feb 24 and in its third day of gains. It's now just $10 from the February record high and that likely reflects the unceasing noise around US tariffs and retaliation.