AUD & NZD Outperform, But Remain Within Recent Ranges

USD upticks have been faded today, although most pairs have stuck to recent ranges. The BBDXY was last 1232.70/80, off nearly 0.1% for the session. US yields have ticked higher but remain close to recent lows (nearly +2bps for some parts of the curve). Equity sentiment has improved somewhat, although gains for US futures and cash Asia Pac bourses have been fairly modest.

• USD/JPY dipped in the first part of trade, but support was evident at 146.85. We last tracked near 147.10, +0.10% firmer in yen terms. Retail sales and IP data didn't shift sentiment, while we saw a poor 2yr auction in the bond space.
• Bank of Japan board member Toyoaki Nakamura said that it will take time and careful consideration to adjust easy policy.
• AUD and NZD are the top performers, both up by around 0.40%, but remaining within recent ranges. NZ data was better, but largely second tier. NZD/USD last tracked near 0.6180, sub post RBNZ highs.
• AUD/USD is just above 0.6640, shrugging off the weaker China PMI data. The AUD/NZD cross has been supported on dips to 1.0730. Copper prices are tracking higher, amid supply concerns.
• Looking ahead, ECB President Lagarde speaks and euro area preliminary CPI data are released. Later the Fed’s Williams speaks on innovations in central banking and there are US jobless claims, October income/spending & deflators, and MNI November Chicago PMI.