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FOREX: Steady Trends Ahead Of US CPI, Firmer Yuan Helps A$

FOREX
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G10 FX moves have been very muted so far in Wednesday trade. The BBDXY index sits little changed in latest dealings, near 1280, modestly off cycle highs from Tuesday US trade. We have the US CPI print later. 

  • The early bias was for USD gains, albeit remaining within recent ranges. Sentiment started to stabilize after the stronger than expected CNY fixing, which aided the yuan.
  • AUD/USD got to 0.6517, close to recent lows, but sits back at 0.6535/40 in latest dealings, little changed for the session. Earlier data showed Q3 wages print below expectations at 0.8% q/q and 3.5% y/y after 0.8% q/q and 4.1% y/y, lowest since Q4 2022. Tomorrow we have jobs data in Australia.
  • NZD/USD is up a touch, last near 0.5930.
  • In Japan, PPI data rose more than forecast and is back above 3% y/y, which should help underpin headline CPI momentum. Import prices were still down in y/y terms, but if USD/JPY holds around current levels, we could see that trend reverse by year end/early 2025.
  • USD/JPY has drifted a little higher through the course of the session, but couldn't test through 155.00 (highs 154.94). The above data did little to boost yen sentiment.
  • In the cross asset space, US equity futures sit modestly lower. The regional equity backdrop has mostly been weaker. US TSY yields are closed to unchanged.
  • Later October US CPI prints and is expected to show a pickup in headline to 2.6% y/y while core should stay at 3.3%. There are also October real earnings and budget data, as well as France’s Q3 unemployment rate. The Fed’s Kashkari, Williams, Logan, Musalem, Schmid and BoE’s Mann appear.
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G10 FX moves have been very muted so far in Wednesday trade. The BBDXY index sits little changed in latest dealings, near 1280, modestly off cycle highs from Tuesday US trade. We have the US CPI print later. 

  • The early bias was for USD gains, albeit remaining within recent ranges. Sentiment started to stabilize after the stronger than expected CNY fixing, which aided the yuan.
  • AUD/USD got to 0.6517, close to recent lows, but sits back at 0.6535/40 in latest dealings, little changed for the session. Earlier data showed Q3 wages print below expectations at 0.8% q/q and 3.5% y/y after 0.8% q/q and 4.1% y/y, lowest since Q4 2022. Tomorrow we have jobs data in Australia.
  • NZD/USD is up a touch, last near 0.5930.
  • In Japan, PPI data rose more than forecast and is back above 3% y/y, which should help underpin headline CPI momentum. Import prices were still down in y/y terms, but if USD/JPY holds around current levels, we could see that trend reverse by year end/early 2025.
  • USD/JPY has drifted a little higher through the course of the session, but couldn't test through 155.00 (highs 154.94). The above data did little to boost yen sentiment.
  • In the cross asset space, US equity futures sit modestly lower. The regional equity backdrop has mostly been weaker. US TSY yields are closed to unchanged.
  • Later October US CPI prints and is expected to show a pickup in headline to 2.6% y/y while core should stay at 3.3%. There are also October real earnings and budget data, as well as France’s Q3 unemployment rate. The Fed’s Kashkari, Williams, Logan, Musalem, Schmid and BoE’s Mann appear.