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FOREX: After several sessions of underperformance, AUD & NZD broke to fresh
cycle lows vs. USD Thursday, weakening their respective technical pictures &
leaving commodity linked FX at the bottom of the G10 pile. Rallying U.S. yields
depressed energy & metals prices, alongside souring equities in both Europe &
the U.S., which added notable cumulative weight to the Antipodeans. This may be
a welcome sight for Chinese importers when mainland markets return Monday.
- JPY & GBP were comfortably the best performers, with favourable Brexit
headlines helping the latter (UK PM May has reportedly accelerated her Brexit
timeline, meaning a deal could be sewn up as early as Christmas), while
worsening risk sentiment propped up safe haven FX. The slip in USD/JPY during NY
hours followed the printing of fresh cycle highs for the pair, up at ~Y114.55.
- EUR/USD was dragged from its $1.1543 peak as MNI sources reported that the ECB
could be considering a twist-like op, boosting its long-term debt purchases.
- Attention shifts to U.S. NFPs, as well as various ECB & Fed speakers Friday,
with AU retail sales & BOJ Rinban operations providing the notable points of
interest during Asia-Pac hours.