Free Trial

AUD, NZD Trim Overnight Gains Headed into EU Open

FOREX
  • Early European trade seeing JPY recoup a small part of the recent weakness, with USD/JPY briefly showing below the 114 handle just ahead of the European open.
  • Consolidation also evident in Antipodean FX, with AUD and NZD retracing some of yesterday's strength despite the early run higher. This keeps the AUD/USD rally just short of the 200-dma - a key level to confirm any further strength in the pair at 0.7565.
  • Commodity-tied currencies may also be seeing some weakness on the sharp correction of Chinese metals and coal contracts overnight after the China NDRC warned of a crackdown on speculation and hoarding.
  • Other currencies are relatively contained, with EUR/USD and GBP/USD both confirming the recovery off the Wednesday low and remaining somewhat stronger this morning.
  • Focus turns to weekly jobless claims data and US existing home sales. Fed's Waller and RBA's Lowe are both due to speak.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.