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Early USD Dip Supported, But Aggregate Moves Muted

FOREX

The early USD bias was for further weakness, but sentiment has stabilized somewhat in latest dealings. The USD BBDXY index was last unchanged sitting near 1230.

  • USD/JPY has seen some volatility but dips so far under 145.00 have been supported. The pair was last near 145.35, a little weaker in yen terms. Ranges from Wednesday's session have held so far today.
  • Data on preliminary PMIs suggests Q3 growth is holding up in Japan, particularly on the services side, but the market impact has been minimal.
  • AUD/USD sits a touch off earlier highs. The pair last near 0.6740, but like JPY is maintaining Wednesday ranges. Preliminary PMIs for Australia are also signaling a moderate growth improvement.
  • NZD/USD is down a touch, last near 0.6155. EUR/USD is steady, last near 1.1145.
  • Event risk/data outcomes are light for the remainder of the Asia Pac session.
  • In the cross asset space, US equity futures are a touch higher, while regional equity sentiment is mostly positive at this stage, albeit with gains modest. For US yields are up a touch, with the front end recovering a little ground following Wednesday's shift lower after payroll revisions and the FOMC Minutes.
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