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FOREX: USD Index Up From Lows As China Property Equity Losses Cools Risk

FOREX
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The USD BBDXY index sits close to unchanged in latest dealings, last near 1253.25. This is up from earlier lows of 1251.53. Risk sentiment has softened post the China Housing Ministry led press briefing. 

  • AUD/USD got to highs of 0.6710, but sits back near 0.6685/90 in latest dealings, still up 0.30% for the session. A$ sentiment was buoyed by the much stronger than expected September jobs data, which has pushed out RBA easing risks.
  • We also tracking higher during the early stages of the China press briefing as China/HK equity sentiment pushed higher. However, this gave way to a more cautious tone, as the main focus of the press briefing was reiterating already announced policies and expanding credit for troubled property development projects.
  • As China real estate equities rolled over so too did iron ore, another constraint on AUD gains.
  • NZD/USD got dragged higher by AUD initially but now sits back at 0.6060, little changed for the session.
  • USD/JPY has tracked familiar ranges, the pair last near 149.50, little changed for the session. Earlier data showed a slowdown in export growth, back into negative territory.
  • In the cross asset space, US equity futures sit -0.20-0.30% weaker, while US yields are up a touch, led by the back end.
  • Looking ahead, the ECB decision is announced followed by President Lagarde’s press conference. It is expected to cut rates 25bp. In terms of data, US September retail sales, budget & IP, October Philly Fed & NAHB housing index, August inventories and jobless claims print. There’s also euro area September CPI and August trade. The Fed's Goolsbee also speaks. 
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The USD BBDXY index sits close to unchanged in latest dealings, last near 1253.25. This is up from earlier lows of 1251.53. Risk sentiment has softened post the China Housing Ministry led press briefing. 

  • AUD/USD got to highs of 0.6710, but sits back near 0.6685/90 in latest dealings, still up 0.30% for the session. A$ sentiment was buoyed by the much stronger than expected September jobs data, which has pushed out RBA easing risks.
  • We also tracking higher during the early stages of the China press briefing as China/HK equity sentiment pushed higher. However, this gave way to a more cautious tone, as the main focus of the press briefing was reiterating already announced policies and expanding credit for troubled property development projects.
  • As China real estate equities rolled over so too did iron ore, another constraint on AUD gains.
  • NZD/USD got dragged higher by AUD initially but now sits back at 0.6060, little changed for the session.
  • USD/JPY has tracked familiar ranges, the pair last near 149.50, little changed for the session. Earlier data showed a slowdown in export growth, back into negative territory.
  • In the cross asset space, US equity futures sit -0.20-0.30% weaker, while US yields are up a touch, led by the back end.
  • Looking ahead, the ECB decision is announced followed by President Lagarde’s press conference. It is expected to cut rates 25bp. In terms of data, US September retail sales, budget & IP, October Philly Fed & NAHB housing index, August inventories and jobless claims print. There’s also euro area September CPI and August trade. The Fed's Goolsbee also speaks.