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FOREX: US$ Continues Trending Lower, Yen, A$ & IDR Benefit

FOREX
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After strengthening following the US election result, the US dollar has begun to normalise this week as US yields found a ceiling. The USD BBDXY index fell 0.4% on Monday and is down slightly during a data-light APAC session today. The yen and Aussie have been the main G10 beneficiaries and IDR/MYR in EM Asia. 

  • USDJPY is down 0.2% to 154.40 off the intraday low of 154.05. The yen strengthened after Finance Minister Kato reiterated the ministry’s commitment to FX stability and to move against excess currency volatility.
  • Aussie outperformed on Monday and AUDUSD is up another 0.1% today to 0.6517 off the intraday high of 0.6524. It has spent most of the session above 65c. AUDNZD is up 0.2% to 1.1058 as the November meeting minutes showed the RBA firmly on hold, while the RBNZ is widely expected to cut rates again next week.
  • NZDUSD is flat at 0.5893 after a high of around 0.5900.
  • European currencies are little changed with EURUSD down slightly to 1.0592 and GBPUSD steady at 1.2678.
  • USDIDR is down 0.3% to 15,811 ahead of Wednesday’s BI decision. It is expected to keep rates on hold but a minority are forecasting a 25bp rate cut.
  • USDKRW is down 0.4% to 1391.15. USDCNH is slightly higher at around 7.2317.
  • Later the Fed’s Schmid speaks on the economic outlook. Also the ECB’s Elderson and BoE’s Bailey talk. US October housing starts/permits and Canadian October CPI print. 
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After strengthening following the US election result, the US dollar has begun to normalise this week as US yields found a ceiling. The USD BBDXY index fell 0.4% on Monday and is down slightly during a data-light APAC session today. The yen and Aussie have been the main G10 beneficiaries and IDR/MYR in EM Asia. 

  • USDJPY is down 0.2% to 154.40 off the intraday low of 154.05. The yen strengthened after Finance Minister Kato reiterated the ministry’s commitment to FX stability and to move against excess currency volatility.
  • Aussie outperformed on Monday and AUDUSD is up another 0.1% today to 0.6517 off the intraday high of 0.6524. It has spent most of the session above 65c. AUDNZD is up 0.2% to 1.1058 as the November meeting minutes showed the RBA firmly on hold, while the RBNZ is widely expected to cut rates again next week.
  • NZDUSD is flat at 0.5893 after a high of around 0.5900.
  • European currencies are little changed with EURUSD down slightly to 1.0592 and GBPUSD steady at 1.2678.
  • USDIDR is down 0.3% to 15,811 ahead of Wednesday’s BI decision. It is expected to keep rates on hold but a minority are forecasting a 25bp rate cut.
  • USDKRW is down 0.4% to 1391.15. USDCNH is slightly higher at around 7.2317.
  • Later the Fed’s Schmid speaks on the economic outlook. Also the ECB’s Elderson and BoE’s Bailey talk. US October housing starts/permits and Canadian October CPI print.