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A$ Lower But Rallies Vs Kiwi, Waiting For Fed

AUD

AUDUSD is down around 0.2% to around 0.6321 off the intraday peak of 0.6344 which occurred before disappointing Australian building approvals and Asian PMI data. The pair is just off today’s low of 0.6318. The USD index is 0.1% higher ahead of the Fed decision later. Rates are widely expected to be left unchanged.

  • Aussie is down 0.5% versus the yen to 95.66, close to the intraday low. AUDNZD is back above 1.09 following the softer-than-expected NZ labour market data. The pair is up 0.4% to 1.0916. AUDEUR is 0.2% lower to 0.5983 and AUDGBP -0.1% to 0.5210.
  • Equity markets are generally stronger with the ASX up 0.5%, Nikkei +2.2% but Hang Seng down 0.2%. The S&P e-mini is down 0.3%. Oil prices are up about 0.3% with Brent at $85.23/bbl. Iron ore has rallied sharply to $123-124/t and copper is down 0.2%.
  • Markets are looking to today’s Fed meeting and press conference (see MNI Fed Preview). Also October US ADP employment and manufacturing ISM print.
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