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FOREX: NZD & JPY Gains In Focus, Steady Trends Elsewhere

FOREX
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The USD remains softer, with most G10 currencies pushing higher against the dollar, although outside of NZD and JPY gains, other moves are muted. The BBDXY index hasn't moved that much, just under 1287, around 0.1% weaker in latest dealings. 

  • NZD/USD remains the clear standout, last near 0.5875, up 0.70% (session highs at  0.5882), after the RBNZ's hawkish 50bps cut, at least relative to market pricing. The RBNZ OCR path noticeably above pre announcement market pricing.
  • Upside focus will be on resistance at 0.5915/0.5920 (20-day EMA/Nov 20 highs). We have RBNZ Governor Orr's press conference coming up.
  • USD/JPY continues to track lower as well. The pair was last 152.60/65, close to session lows (up 0.30% in yen terms). Downside focus may rest at 151.50, the 50-day EMA, although this is still some distance away.
  • Elsewhere AUD/USD is a little higher at 0.6475/80, after mixed Oct inflation data. The tick up in core inflation will still keep the RBA cautious.
  • We have just had China industrial profits for Oct print, the y/y drop was -10% compared with -27.1% in Sep. USD/CNH is a touch higher in latest dealings (last above 7.2600).  This may be tempering higher beta FX sentiment at the margins. 
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The USD remains softer, with most G10 currencies pushing higher against the dollar, although outside of NZD and JPY gains, other moves are muted. The BBDXY index hasn't moved that much, just under 1287, around 0.1% weaker in latest dealings. 

  • NZD/USD remains the clear standout, last near 0.5875, up 0.70% (session highs at  0.5882), after the RBNZ's hawkish 50bps cut, at least relative to market pricing. The RBNZ OCR path noticeably above pre announcement market pricing.
  • Upside focus will be on resistance at 0.5915/0.5920 (20-day EMA/Nov 20 highs). We have RBNZ Governor Orr's press conference coming up.
  • USD/JPY continues to track lower as well. The pair was last 152.60/65, close to session lows (up 0.30% in yen terms). Downside focus may rest at 151.50, the 50-day EMA, although this is still some distance away.
  • Elsewhere AUD/USD is a little higher at 0.6475/80, after mixed Oct inflation data. The tick up in core inflation will still keep the RBA cautious.
  • We have just had China industrial profits for Oct print, the y/y drop was -10% compared with -27.1% in Sep. USD/CNH is a touch higher in latest dealings (last above 7.2600).  This may be tempering higher beta FX sentiment at the margins.