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FOREX: NZD Recoups Some Of Wednesday's Losses Amid Firmer HK Stocks

FOREX
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G10 currencies are tracking firmer against the USD as Thursday trade unfolds, although moves are fairly modest at this stage. NZD/USD is slightly outperforming. The USD BBDXY index was last 1243.4, off nearly  0.10%.

  • The Kiwi is back to 0.6080, so still comfortably sub pre RBNZ levels from yesterday (around 0.135). NZD was the worst G10 performer yesterday, so some modest retracement may be in play today.
  • Helping sentiment at the margins is a firmer Hong Kong equity backdrop. A proposed merger between brokers is helping, while earlier headlines on the launch of the PBoC's swap scheme with local firms to support onshore equities is another positive. China equities have been volatile since the start of trade, but sit up at the time of writing.
  • AUD/USD is up marginally as well, last near 0.6720/25, but lagging NZD slightly. Earlier data showed the consumer inflation expectations dipping to 4.0%y/y, from 4.4% prior. This is the lowest outcome since Q3 2021. The AUD/NZD cross is away from a 1.1100 test, last near 1.1060.
  • USD/JPY is down a touch but hasn't been able to break sub the 149.00 level. Earlier data showed the PPI for Sep above expectations at 2.8%y/y (2.3% was the forecast).
  • Fed speak from Daly and Collins also came out earlier. US 10yr Tsy futures have been very steady in the first part of Thursday trade.
  • We do have the US CPI print later, which will be a key focus point. Asia Pac event/data risks are light for the rest of today.  
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G10 currencies are tracking firmer against the USD as Thursday trade unfolds, although moves are fairly modest at this stage. NZD/USD is slightly outperforming. The USD BBDXY index was last 1243.4, off nearly  0.10%.

  • The Kiwi is back to 0.6080, so still comfortably sub pre RBNZ levels from yesterday (around 0.135). NZD was the worst G10 performer yesterday, so some modest retracement may be in play today.
  • Helping sentiment at the margins is a firmer Hong Kong equity backdrop. A proposed merger between brokers is helping, while earlier headlines on the launch of the PBoC's swap scheme with local firms to support onshore equities is another positive. China equities have been volatile since the start of trade, but sit up at the time of writing.
  • AUD/USD is up marginally as well, last near 0.6720/25, but lagging NZD slightly. Earlier data showed the consumer inflation expectations dipping to 4.0%y/y, from 4.4% prior. This is the lowest outcome since Q3 2021. The AUD/NZD cross is away from a 1.1100 test, last near 1.1060.
  • USD/JPY is down a touch but hasn't been able to break sub the 149.00 level. Earlier data showed the PPI for Sep above expectations at 2.8%y/y (2.3% was the forecast).
  • Fed speak from Daly and Collins also came out earlier. US 10yr Tsy futures have been very steady in the first part of Thursday trade.
  • We do have the US CPI print later, which will be a key focus point. Asia Pac event/data risks are light for the rest of today.