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Antipodean Divergence

FOREX

A quiet session expected with US NFP data just round the corner. AUD/USD is flat in early trade, coronavirus concerns remain front and centre in Australia with South Australia the latest to impose tighter restrictions. Data earlier showed IHS Markit manufacturing PMI fell to 58.6 from 60.4. Trade balance data is due later in the session.

  • NZD is the biggest G10 winner so far, NZD/USD is up 13 pips. The latest CoreLogic House Price Index suggested that housing market momentum continued to ease. Monthly nationwide price gain slowed to +1.8% in June from +2.2% seen in May.
  • JPY is weaker, USD/JPY gaining a handful of pips to hit the highest level since March 2020. Suggestions that Japan might extend Covid-19 measures in the Tokyo area continue to do the rounds. Data showed the June large manufacturers index missed estimates at 14 and forecasts for future prints were also below estimates.
  • Offshore yuan is slightly weaker in early trade having posted the biggest monthly drop since March 2020. Markets look ahead to Caixin PMI data after a decline in official NBS figures yesterday.
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