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MNI China Daily Summary: Monday, October 23

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Antipodeans Pressured As Asia Digests FOMC Minutes

FOREX
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The Antipodeans are pressured in early dealing in Asia, the greenback has firmed and US Tsy Yields have ticked higher as participants react to yesterdays FOMC minutes.

  • NZD/USD is down ~0.3% last printing at $0.5920/25 marginally extending recent YTD lows. RBNZ's Orr noted in a Bloomberg interview that he doesnt feel a rush to change rates any time soon, and a recession is the bare minimum he needs to see.
  • AUD/USD is also down ~0.3% and sits a touch above the $0.64 handle. Short term trend conditions remain bearish, the pair breached the bear trigger yesterday. Support comes in at $0.6403, 76.4% retracement of the Oct 22-Feb 23 bull leg, $0.6387, low from 10 Nov 22, and $0.6285, low from 4 Nov 2022.
  • Yen is marginally pressured, USD/JPY is up ~0.1%. July Trade Balance printed a ¥78.7bn deficit a ¥47.9bn had been expected.
  • Elsewhere in G-10 the Scandies are pressured however liquidity is generally poor in Asia.
  • Cross asset wise; e-minis are down ~0.1% and regional equities are lower across Asia. BBDXY is up ~0.1% and US Tsy Yields are ~1bp higher across the curve.
  • In just over 30 minutes the July Labor Market Report from Australia crosses.
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The Antipodeans are pressured in early dealing in Asia, the greenback has firmed and US Tsy Yields have ticked higher as participants react to yesterdays FOMC minutes.

  • NZD/USD is down ~0.3% last printing at $0.5920/25 marginally extending recent YTD lows. RBNZ's Orr noted in a Bloomberg interview that he doesnt feel a rush to change rates any time soon, and a recession is the bare minimum he needs to see.
  • AUD/USD is also down ~0.3% and sits a touch above the $0.64 handle. Short term trend conditions remain bearish, the pair breached the bear trigger yesterday. Support comes in at $0.6403, 76.4% retracement of the Oct 22-Feb 23 bull leg, $0.6387, low from 10 Nov 22, and $0.6285, low from 4 Nov 2022.
  • Yen is marginally pressured, USD/JPY is up ~0.1%. July Trade Balance printed a ¥78.7bn deficit a ¥47.9bn had been expected.
  • Elsewhere in G-10 the Scandies are pressured however liquidity is generally poor in Asia.
  • Cross asset wise; e-minis are down ~0.1% and regional equities are lower across Asia. BBDXY is up ~0.1% and US Tsy Yields are ~1bp higher across the curve.
  • In just over 30 minutes the July Labor Market Report from Australia crosses.