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MNI: SPAIN DEC MANUF PMI 53.3 (FCST: 53.5); NOV 53.1

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CROSS ASSET: USDJPY is through 152.00, Month End could come into play.

CROSS ASSET
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  • Looking at G10 FX, the CAD was down 0.14% overnight, but the standout movers going into the European session are the Kiwi, up 0.74% following the Hawkish 50bps cujt from the RNBZ.
  • Overall though, NZDUSD is well within the last few days ranges as it recovers from the lowest printed level since November 2023 Yesterday.
  • Resistance is seen above 0.5900, at 0.5934, the 23.6% retrace of the Sep/Nov range.
  • The is the second standout Currency is the Yen, with USDJPY testing 152.00, this is all Bond led, Bund Yield has gapped lower, which is in turn providing a wider bid into wider core and semi core Govies, as well as US Treasuries, just lifted in over 5k now through session high.
  • Quick note that we could get some Month End front running ahead of the US Holiday Tomorrow.
  • These are decent for US Treasuries, small/avearge for EU Govies and a non event for the UK.
  • While for FX, would go inline with Govies, Barclays sees Dollar selling against the Majors.
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  • Looking at G10 FX, the CAD was down 0.14% overnight, but the standout movers going into the European session are the Kiwi, up 0.74% following the Hawkish 50bps cujt from the RNBZ.
  • Overall though, NZDUSD is well within the last few days ranges as it recovers from the lowest printed level since November 2023 Yesterday.
  • Resistance is seen above 0.5900, at 0.5934, the 23.6% retrace of the Sep/Nov range.
  • The is the second standout Currency is the Yen, with USDJPY testing 152.00, this is all Bond led, Bund Yield has gapped lower, which is in turn providing a wider bid into wider core and semi core Govies, as well as US Treasuries, just lifted in over 5k now through session high.
  • Quick note that we could get some Month End front running ahead of the US Holiday Tomorrow.
  • These are decent for US Treasuries, small/avearge for EU Govies and a non event for the UK.
  • While for FX, would go inline with Govies, Barclays sees Dollar selling against the Majors.