The USD is ticking up against the majors in early Tuesday dealings, although overall moves are modest at this stage. The BBDXY was last near 1252.5, just off Monday session highs.

• In the cross asset space, US equity futures are firmer, albeit in the 0.10-0.20%. Regional equities are mostly firmer for those markets open at this stage.
• US yields are softer in earlier trade, albeit with yield losses less than 2bps at this stage. Part of the near term focus will remain on US politics as the Republican National Convention continues. Trump's speech will be eyed for policy clues. Monday's focus was on the steeper yield curve amid a modest reflation theme as Trump's election odds rose.
• Earlier remarks By San Francisco Fed President Daly largely reiterated what Powell had said earlier.
• USD/JPY has ticked up to 158.30, we aren't too far away from early Monday highs (158.42). NZD/USD is also drifting lower, last under 0.6070, while AUD/USD is near 0.6755, albeit outperforming NZD at the margins.
• The AUD/NZD cross holds around Monday highs, last near 1.1135/40.
• The data calendar is very light today, with just NZ non-resident bond holdings on tap and the Japan tertiary industry index.