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Antipodeans On Softer Footing, But Still Poised For Weekly Gains

FOREX

Demand for the Antipodean currencies petered out in today's Asia-Pac session, but AUD & NZD are still poised for solid weekly gains, as they fared better than any other G10 currency this week. The Antipodeans lost ground alongside the redback ahead of the release of China's GDP & activity indicators. These came in slightly weaker than expected, triggering another round of light CNH, AUD & NZD sales.

  • The PBOC continued its run of stronger than expected fixes for the yuan, the USD/CNY mid-point fixed 11 pips below sell side estimates. This month's fixings seem to indicate the PBOC's willingness to allow the yuan to strengthen.
  • The DXY crept higher as the greenback outperformed in the G10 basket. USD may have drawn some support from decent demand for USD/JPY into the Tokyo fix.
  • Other than that, there was little in the way of general direction to overnight price action, with CAD & CHF holding up well, while NOK & GBP went offered.
  • EZ trade balance & final CPI, U.S. housing starts, building permits & final U. of Mich. Sentiment as well as comments from Fed's Kaplan & BoE's Cunliffe take focus today.
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