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FOREX: Dollar Advance Trimmed, But Still Tracking Up For 7th Straight Week

FOREX
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Some modest retracement has been evident in the USD as Friday's Asia Pac session unfolds. The BBDXY index was last near 1286.7, off close to 0.15% for the session. We are still up strongly for the week, +1.49%, which would mark the seventh straight weekly gain. Thursday intra-session highs in the index were around 1290. 

  • USD/JPY is back close to unchanged, last near 156.40, after earlier touching fresh multi month highs of 156.75. Earlier comments from the FinMin around FX moves have likely helped, 'monitoring FX markets with a very high sense of urgency'. The market may also be assessing what BoJ Governor Ueda will say in a speech on Monday in Japan. No fresh hawkish rhetoric would likely weigh on yen all else equal.
  • US yields are marginally off earlier highs as well, helping yen at the margins. Like the USD we are still up strongly for the week in yield terms.
  • AUD/USD and NZD/USD have ticked up by around 0.20%. A$ last near 0.6465/70, NZD at 0.5860, so both still very close to weekly lows recorded on Thursday.
  • It is a similar backdrop for most USD/Asia pairs as well, USD/CNH has tested back under 7.2400, USD/KRW spot near 1400.
  • The regional equity tone is mixed, but has turned slightly more positive as the session has progressed. Japan and Hong Kong markets are higher, while China markets are struggling after mixed Oct activity data, although the consumer is showing signs of life with higher retail sales than forecast.
  • Looking ahead, we have UK data, including monthly GDP on tap. In the US retail sales is out. Fed speak from Goolsbee and Collins will also cross. ECB speak is also due.  
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Some modest retracement has been evident in the USD as Friday's Asia Pac session unfolds. The BBDXY index was last near 1286.7, off close to 0.15% for the session. We are still up strongly for the week, +1.49%, which would mark the seventh straight weekly gain. Thursday intra-session highs in the index were around 1290. 

  • USD/JPY is back close to unchanged, last near 156.40, after earlier touching fresh multi month highs of 156.75. Earlier comments from the FinMin around FX moves have likely helped, 'monitoring FX markets with a very high sense of urgency'. The market may also be assessing what BoJ Governor Ueda will say in a speech on Monday in Japan. No fresh hawkish rhetoric would likely weigh on yen all else equal.
  • US yields are marginally off earlier highs as well, helping yen at the margins. Like the USD we are still up strongly for the week in yield terms.
  • AUD/USD and NZD/USD have ticked up by around 0.20%. A$ last near 0.6465/70, NZD at 0.5860, so both still very close to weekly lows recorded on Thursday.
  • It is a similar backdrop for most USD/Asia pairs as well, USD/CNH has tested back under 7.2400, USD/KRW spot near 1400.
  • The regional equity tone is mixed, but has turned slightly more positive as the session has progressed. Japan and Hong Kong markets are higher, while China markets are struggling after mixed Oct activity data, although the consumer is showing signs of life with higher retail sales than forecast.
  • Looking ahead, we have UK data, including monthly GDP on tap. In the US retail sales is out. Fed speak from Goolsbee and Collins will also cross. ECB speak is also due.