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AUDNZD Extends 2022 Lows, JPY Outperforms

FOREX
  • The USD Index is close to unchanged on Friday as global currency markets take a breather after a busy week of inflation data and major central bank policy decisions.
  • Generally mixed performance across G10 with the notable move occurring in the Japanese Yen which unwound a healthy portion of Thursday’s decline, rising 1% against the greenback amid the general risk off tone and further weakness in equities.
  • USDJPY tested resistance at 138.02, the 20-day EMA but has since reversed and continued to grind lower throughout Friday trade. On the downside, 134.54 (the Dec 14 low) remains the first notable support and the bear trigger remains at 133.63.
  • AUD/USD has underperformed, likely weighed by lower iron ore prices, after China announced a new state-run buyer will launch in 2023 and that it will seek a discount from miners.
  • Additionally, AUDNZD has now extended to fresh 2022 lows with the cross now below 1.05 for the first time since December 2021. NZD bulls will now look for the move opening up a target at the 2021 low of 1.0280 with rate differentials continuing to point to further downside for the pair.
  • A lighter calendar next week as we approach the holiday season. Monday will bring German IFO data before Tuesday’s Bank of Japan meeting.
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