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A$ and NZD Outperformance Continues, Better Equity Tone Helping

FOREX

Regional Asia Pac equities are firmer at this stage, with fairly broad based gains. Aiding sentiment is a firmer US equity futures backdrop, with Nasdaq futures +0.42%, Eminis +0.28%. This is spilling over into the FX space, with higher beta FX outperforming in the G10 space, both AUD and NZD are up over 0.50% at this stage.

  • AUD/USD last in the 0.6585/90 region. NZD is up nearly 0.60% to 0.6165. A$ outperformance comes despite a disappointing Q3 GDP update earlier.
  • JPY and EUR are lagging, down modestly versus end Tuesday NY closing levels. USD/JPY last near 147.25.
  • US nominal Tsy yields are higher, 1-2.4bps higher across the curve, which may be weighing on yen at the margins. Still, we are only marginally above recent lows, with the core yield move lower from Tuesday likely aiding equity sentiment in the region today.
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