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Data Beats Provide Only Limited Support To AUD & NZD, Majors Range Bound

FOREX

The USD is a touch higher in the first part of trading, but there is little follow through. The BBDXY index has edged back above 1251.00. The early tone to US cash Tsys yields is higher (+2/+2.5bps across the curve), which is providing some support at the margin, but mostly against EUR and GBP. Overall moves are fairly muted though.

  • AUD and NZD have ticked higher, but gains are less than 0.10% at this stage since the open. NZ saw Q3 GDP print at double market expectations (+2% q/q, versus 0.9% forecast), while Australian jobs growth was also comfortably above forecasts, although the unemployment rate held steady at 3.4%.
  • AUD/USD was last a touch above 0.6865, while NZD.USD was near 0.6460.
  • USD/JPY dipped to 135.24 in the first part of trade, but is now back to 135.35. The firmer UST yield backdrop providing some support, although the move above 135.50 drew selling interest ahead of the Tokyo fix. EUR/USD has edged down to 1.0675.
  • Coming up is China November activity data, which is expected to print weak, although this is unlikely to surprise the market.
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