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AUD, NZD Firmer As Global Equities Stabilise

FOREX

Globally, stock markets have regained some of their poise after the sharp intraday sell-off yesterday. The e-mini S&P has climbed back above the 3,900 mark, but the all time highs at 3928.50 are still a way off from here. Newsflow is thin on the ground so far Thursday, with near-term focus remaining on equity volatility and the passage of the US stimulus package.

AUD, NZD are marginally the strongest performers in G10, being assisted higher by the recovery in global stock markets, but recent ranges are being largely respected so far. JPY is at the bottom of the pile, with weakness being carried through after the BoJ sources report yesterday suggested the BoJ want to stress they have room to cut rates further into negative territory.

NOK similarly trades poorly, following commodities markets after the fearsome oil rally posted over the past fortnight has been snapped this morning.

Focus Thursday turns to weekly jobless claims figures from the US and the Banxico rate decision. ECB's Knot is due to speak.

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