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AUD Outperforms Throughout, Tops 50-dma

FOREX
  • AUD outperformance persisted throughout the Wednesday session, with prices narrowing the gap with $0.74 - a level not crossed since early August. Prices also traded north of the 50-dma at $0.7382 for the first time since June. This kept the AUD at the top of the G10 currency table well into the close.
  • In contrast, the USD Index ebbed to new weekly lows, showing back below 92.50 on a sizeable miss in ADP employment change data. The headline came in at 374k vs. Exp. 625k, raising concerns over Friday's payrolls print. A better than expected ISM Manufacturing read did little to bolster the greenback, with the employment subcomponent slipping below 50.0.
  • The JPY was among the largest decliners in G10, with EUR/JPY making progress above 130.00 to touch levels not seen since late July and working further against the recent bearish outlook. JPY weakness came alongside a rebound in global equities, which put the EuroStoxx50 at new cycle highs last seen in March 2008.
  • Australian, US and Canadian trade balance, Eurozone PPI and US weekly jobless claims are the calendar highlights Thursday. Fed's Bostic and Daly are also due to be speaking.
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