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Antipodeans Pressured By Post-FOMC Spillover, Japanese Holiday Limits Activity

FOREX

The Antipodeans trade on a softer footing, possibly on the back of regional spillover from the latest monetary policy decision/communique from U.S. FOMC, while activity is limited by a market holiday in Japan. The greenback outperforms most of its G10 peers as we type, with the DXY sitting just shy of its one-month high printed yesterday.

  • NZD/USD crossed below $0.6994/93, which limited losses over the last two days, and attacked Aug 30 low of $0.6987. NZD/USD 2-week implied volatility eased from multi-month highs after the FOMC announcement but remains relatively elevated, with the RBNZ due to deliver their monetary policy decision in less than two weeks.
  • Central bank action picks up today, with the BoE, SNB and Norges Bank due to deliver monetary policy decisions. PMI data from across the globe, Canadian retail sales and U.S. jobless claims take focus on the data front.
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