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FOREX: DM FX Rallies In APAC Trading While EM Weakness Continues

FOREX
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DM APAC FX strengthened against the US dollar, while most of EM weakened as the BBDXY USD index weakened slightly after rising 0.4% on Friday following stronger-than-expected US payrolls. The data reduced Fed easing expectations, which generally weighs on EM currencies.

  • USDJPY is down 0.2% to 148.44 after rising to $149.13 early in the session. Japan’s finance minister Kato said FX moves will continue to be monitored and that they have both positive and negative effects but sudden moves hurt the economy. The yen strengthened moderately following the comments.
  • USDKRW is slightly lower at around 1347.35.
  • Aussie is also stronger with AUDUSD up 0.2% to 0.6810, close to the intraday high. It received support from the risk on move seen today which also boosted iron ore prices to over $110/t. AUDJPY is up 0.1% to 101.08 after a high of 101.42.
  • NZDUSD is 0.1% higher at 0.6167 ahead of Wednesday’s RBNZ decision. Consensus is expecting a 50bp cut. AUDNZD is up 0.1% to 1.1042, close to the intraday high.
  • European currencies are little changed with EURUSD at 1.0972 and GBPUSD at 1.3128.
  • The ringgit, rupiah and baht saw the largest moves today. USDIDR is up 1.2% to 15668, USDMYR +1.3% to 4.2738 and USDTHB +1.2% to 33.44.
  • Bank Indonesia said that it was prepared to intervene in the spot, bond and domestic non-deliverable forwards markets to defend the IDR. The announcement and the rupiah weakness is increasing speculation that BI will be on hold at its October 16 meeting to preserve FX stability.
  • The Fed’s Bowman, Kashkari, Bostic and Musalem appear later today and in terms of data there are only US August consumer credit, German August factory orders and euro area retail sales.
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DM APAC FX strengthened against the US dollar, while most of EM weakened as the BBDXY USD index weakened slightly after rising 0.4% on Friday following stronger-than-expected US payrolls. The data reduced Fed easing expectations, which generally weighs on EM currencies.

  • USDJPY is down 0.2% to 148.44 after rising to $149.13 early in the session. Japan’s finance minister Kato said FX moves will continue to be monitored and that they have both positive and negative effects but sudden moves hurt the economy. The yen strengthened moderately following the comments.
  • USDKRW is slightly lower at around 1347.35.
  • Aussie is also stronger with AUDUSD up 0.2% to 0.6810, close to the intraday high. It received support from the risk on move seen today which also boosted iron ore prices to over $110/t. AUDJPY is up 0.1% to 101.08 after a high of 101.42.
  • NZDUSD is 0.1% higher at 0.6167 ahead of Wednesday’s RBNZ decision. Consensus is expecting a 50bp cut. AUDNZD is up 0.1% to 1.1042, close to the intraday high.
  • European currencies are little changed with EURUSD at 1.0972 and GBPUSD at 1.3128.
  • The ringgit, rupiah and baht saw the largest moves today. USDIDR is up 1.2% to 15668, USDMYR +1.3% to 4.2738 and USDTHB +1.2% to 33.44.
  • Bank Indonesia said that it was prepared to intervene in the spot, bond and domestic non-deliverable forwards markets to defend the IDR. The announcement and the rupiah weakness is increasing speculation that BI will be on hold at its October 16 meeting to preserve FX stability.
  • The Fed’s Bowman, Kashkari, Bostic and Musalem appear later today and in terms of data there are only US August consumer credit, German August factory orders and euro area retail sales.