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FOREX: G10 FX Rangebound, JPY Finds Some Support

FOREX
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The Yen has found some support throughout the day, after hitting a new cycle lows vs the USD overnight, the currency trades 0.33% higher at 152.26 and is the top performing currency, closely followed by the AUD & NZD. The BBDXY has seen an impressive rally of about 4% this month, and trades just off the recent highs at 1,259.50, down 0.07% for the session.

  • It has been a largely uneventful session for G10 FX, with no major data or headlines out. We did see flash PMI out of Australia with Judo Bank Australia PMI Composite edging slightly higher to 49.8 from 49.6 prior, while Japan's Jibun Bank PMI saw a decent drop with composite falling to 49.4 from 52 prior, largely led by a drop in services PMI from 53.1 to 49.3, although there was no reaction in the FX market to either data release.
  • AUD & NZD are both trading slightly firmer, although the moves seems to be largely on the back USD weakness, higher US equity futures could also been seen as supportive, although regional Asian equity markets all trading lower today. The AUD/USD was last 0.20% higher to trade at 0.6650, while the NZD/USD hovers above 0.60, to trade 0.15% for the session.
  • US yields are 1-3bps richer across the Tsy benchmarks, curves have flattened, with the 2yr -1.4bps at 4.064%, while the 10yr last trades -2.4bps at 4.22% 

  • The euro has traded steady throughout the session consolidating just below the 1.08 level as traders await upcoming Eurozone PMI data. Earlier ECB's Holzman, said that the ECB could hold in December although a 25bps cut is probable, while a 50bps cut was unlikely and that inflation could still prove stronger than expected. The GBP/USD is steady and holds above 1.29.

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The Yen has found some support throughout the day, after hitting a new cycle lows vs the USD overnight, the currency trades 0.33% higher at 152.26 and is the top performing currency, closely followed by the AUD & NZD. The BBDXY has seen an impressive rally of about 4% this month, and trades just off the recent highs at 1,259.50, down 0.07% for the session.

  • It has been a largely uneventful session for G10 FX, with no major data or headlines out. We did see flash PMI out of Australia with Judo Bank Australia PMI Composite edging slightly higher to 49.8 from 49.6 prior, while Japan's Jibun Bank PMI saw a decent drop with composite falling to 49.4 from 52 prior, largely led by a drop in services PMI from 53.1 to 49.3, although there was no reaction in the FX market to either data release.
  • AUD & NZD are both trading slightly firmer, although the moves seems to be largely on the back USD weakness, higher US equity futures could also been seen as supportive, although regional Asian equity markets all trading lower today. The AUD/USD was last 0.20% higher to trade at 0.6650, while the NZD/USD hovers above 0.60, to trade 0.15% for the session.
  • US yields are 1-3bps richer across the Tsy benchmarks, curves have flattened, with the 2yr -1.4bps at 4.064%, while the 10yr last trades -2.4bps at 4.22% 

  • The euro has traded steady throughout the session consolidating just below the 1.08 level as traders await upcoming Eurozone PMI data. Earlier ECB's Holzman, said that the ECB could hold in December although a 25bps cut is probable, while a 50bps cut was unlikely and that inflation could still prove stronger than expected. The GBP/USD is steady and holds above 1.29.