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FOREX: A$, NZD Weighed By Weaker Yuan, Yen Firms Modestly

FOREX
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AUD and NZD have underperformed, particularly against the yen, as the Tuesday Asia Pac session has unfolded. The break higher in USD/CNH above 7.1500 to fresh multi month highs, has weighed on the antipodeans. 

  • The USD BBDXY index is little changed, last near 1262.50. US equity futures are down a touch, while regional equity markets are mixed. US yields sit down a down, helping yen at the margins.
  • The softness in China and Hong Kong equities has also likely weighed on the AUD.
  • AUD/USD last sits at 0.6565/70 (off 0.25%), fresh multi month lows back to the first half of August. NZD/USD is near 0.5970, down 0.20%. Earlier data showed softer jobs filled for September.
  • Commodity prices in the metals space are also down, copper off 0.6%, iron ore back to $102.45/ton/
  • USD/JPY is back under 153.00, around 0.20% stronger in yen terms. Still, we remain comfortably within Monday's ranges. Better jobless data and further FX jawboning may have helped at the margin, but follow through has been limited.
  • There were reports PM Ishiba is seeking a partial coalition with centrist party DPP (per Yomiuri), but a press conference with the DPP leader played down such prospects.
  • Later US September trade, inventories, JOLT job openings, October consumer & Dallas Fed services confidence and August house prices print, as well as November German consumer confidence and UK September credit data. BoC’s Macklem and Rogers speak.
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AUD and NZD have underperformed, particularly against the yen, as the Tuesday Asia Pac session has unfolded. The break higher in USD/CNH above 7.1500 to fresh multi month highs, has weighed on the antipodeans. 

  • The USD BBDXY index is little changed, last near 1262.50. US equity futures are down a touch, while regional equity markets are mixed. US yields sit down a down, helping yen at the margins.
  • The softness in China and Hong Kong equities has also likely weighed on the AUD.
  • AUD/USD last sits at 0.6565/70 (off 0.25%), fresh multi month lows back to the first half of August. NZD/USD is near 0.5970, down 0.20%. Earlier data showed softer jobs filled for September.
  • Commodity prices in the metals space are also down, copper off 0.6%, iron ore back to $102.45/ton/
  • USD/JPY is back under 153.00, around 0.20% stronger in yen terms. Still, we remain comfortably within Monday's ranges. Better jobless data and further FX jawboning may have helped at the margin, but follow through has been limited.
  • There were reports PM Ishiba is seeking a partial coalition with centrist party DPP (per Yomiuri), but a press conference with the DPP leader played down such prospects.
  • Later US September trade, inventories, JOLT job openings, October consumer & Dallas Fed services confidence and August house prices print, as well as November German consumer confidence and UK September credit data. BoC’s Macklem and Rogers speak.