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Antipodeans Outperform On Firmer Equities/AU CPI Beat

FOREX

The tone in FX markets has seen modest outperformance from the antipodeans relative to the majors, particularly the yen. This largely owes to a more resilient equity picture in the region, particularly relative to the sharp falls in US futures. Overall ranges have been quite modest though, the BBDXY up slightly to 1330.00/50.

  • AUD/USD is back above 0.6400, so above the 20-day EMA (0.6386) and threatening recent highs above 0.6410. Q3 CPI came out stronger than expected, boosting local yields. The 3yr spiked towards 3.62%, but we are now back to 3.55%. The impact was limited on the A$ though initially. The currency has also received some support from the better regional equity tone, particularly China/Hong Kong. Iron ore prices have also firmed, but remain sub $90/tonne.
  • NZD/USD is back to 0.5750, trailing A$ performance, the AUD/NZD cross back towards 1.1150. The ANZ activity outlook slipped to -2.5 from -1.8 last month, while confidence fell to -42.7 (against -36.7). Note RBNZ Governor Orr speaks early tomorrow.
  • USD/JPY is back above 148.00, last 148.15, +0.15%, seeing slight underperformance against AUD & NZD.
  • GBP/USD is near 1.1455, while EUR/USD is just above 0.9950.
  • The offshore data calendar is fairly quiet, with just US wholesale inventories and new home sales on tap.
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