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FOREX: USD Mostly Higher, A$ Weaker On Yuan Loss Spillover

FOREX
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The USD is tracking higher against all the major currencies, with the exception of the yen, as the first part of Tuesday trade unfolds. The BBDXY index was last near 1275.5, not too far off Monday intra-session highs (1276.43). 

  • AUD/USD is the weakest performer, last near 0.6555 and off close to 0.35%. Post election lows in the pair (0.6513) remain intact. Spill over from the break higher in USD/CNH, which is threatening a test of 7.2500, is weighing on the AUD.
  • Earlier we had brief respite on BBG headlines that China is considering reducing property taxes to aid the sector, but the positive follow through provided short lived. At the break the CSI 300 is up modestly, the Shanghai Composite close to flat.
  • Reports from the NYT and WSJ suggest foreign policy hawks could fill key Trump administration positions (Marco Rubio for Secretary of State and former veteran Republican Mike Waltz for National Security Adviser) is likely also in focus.
  • US Tsy yields have resumed trading, with a curve flattening bias. The 2yr is up to 4.28%, +3bps, the 10yr sits off earlier highs, last near 4.32%. US equity futures are down slightly, while regional equity sentiment has seen some negative tech spill over.  
  • USD/JPY spiked above 154.00 earlier, but now sits back at 153.50/55, slightly firmer in yen terms for the session.
  • Earlier data showed both consumer and business confidence in Australia rising, but the market impact was negligible. NZ spending data pointed to some improvement in consumer spending trends.
  • Looking ahead, the Fed’s Waller, Barkin, Kashkari and Harker speak and the Senior Loan Officer Survey is published. US October small business optimism and NY Fed 1-yr inflation expectations plus UK labour market data and euro area November ZEW print. ECB’s Cipollone and BoE’s Pill appear. 
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The USD is tracking higher against all the major currencies, with the exception of the yen, as the first part of Tuesday trade unfolds. The BBDXY index was last near 1275.5, not too far off Monday intra-session highs (1276.43). 

  • AUD/USD is the weakest performer, last near 0.6555 and off close to 0.35%. Post election lows in the pair (0.6513) remain intact. Spill over from the break higher in USD/CNH, which is threatening a test of 7.2500, is weighing on the AUD.
  • Earlier we had brief respite on BBG headlines that China is considering reducing property taxes to aid the sector, but the positive follow through provided short lived. At the break the CSI 300 is up modestly, the Shanghai Composite close to flat.
  • Reports from the NYT and WSJ suggest foreign policy hawks could fill key Trump administration positions (Marco Rubio for Secretary of State and former veteran Republican Mike Waltz for National Security Adviser) is likely also in focus.
  • US Tsy yields have resumed trading, with a curve flattening bias. The 2yr is up to 4.28%, +3bps, the 10yr sits off earlier highs, last near 4.32%. US equity futures are down slightly, while regional equity sentiment has seen some negative tech spill over.  
  • USD/JPY spiked above 154.00 earlier, but now sits back at 153.50/55, slightly firmer in yen terms for the session.
  • Earlier data showed both consumer and business confidence in Australia rising, but the market impact was negligible. NZ spending data pointed to some improvement in consumer spending trends.
  • Looking ahead, the Fed’s Waller, Barkin, Kashkari and Harker speak and the Senior Loan Officer Survey is published. US October small business optimism and NY Fed 1-yr inflation expectations plus UK labour market data and euro area November ZEW print. ECB’s Cipollone and BoE’s Pill appear.