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FOREX: USD Ticks Up, Yen Down Modestly On Firmer US Yields/Higher Equities

FOREX
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The USD is up against all of the G10 currencies, albite to varying degrees. The BBDXY index was last +0.15% firmer, above the 1283 level, but still sub intra-session highs from Monday. 

  • Aggregate G10 moves have been fairly modest. Yen has given back some of Monday's outperformance, at the margins. USD/JPY was last near 150.15/20, up around 0.35%. Earlier lows were at 149.50.
  • US yields have ticked higher as the session progressed, with the back end slightly firmer, up a little over 1.5bps. Regional equities have mostly tracked higher, aided by tech/chip stocks. US chip curbs on China were not as harsh as feared.
  • This has likely aided higher beta plays against the yen, albeit at the margins.
  • AUD/USD is still down for the session, last near 0.6470. NZD/USD is underperforming, off 0.20% to 0.5875/80, but is up from earlier lows of 0.5864.
  • USD/CNH has broken higher, above 7.3000, reaching fresh YTD highs. This has been another constraint on AUD and NZD trends.
  • On the data front, in Australia, Q3 net exports contributed 0.1pp, less than expected, and public demand 0.7pp to GDP growth. Q3 GDP is out tomorrow. In NZ the terms of trade improved, but good export volumes were weak.
  • Looking ahead, the Fed’s Daly, Kugler & Goolsbee and ECB’s Cipollone speak. In terms of data, US October job openings and Spanish November unemployment print.
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The USD is up against all of the G10 currencies, albite to varying degrees. The BBDXY index was last +0.15% firmer, above the 1283 level, but still sub intra-session highs from Monday. 

  • Aggregate G10 moves have been fairly modest. Yen has given back some of Monday's outperformance, at the margins. USD/JPY was last near 150.15/20, up around 0.35%. Earlier lows were at 149.50.
  • US yields have ticked higher as the session progressed, with the back end slightly firmer, up a little over 1.5bps. Regional equities have mostly tracked higher, aided by tech/chip stocks. US chip curbs on China were not as harsh as feared.
  • This has likely aided higher beta plays against the yen, albeit at the margins.
  • AUD/USD is still down for the session, last near 0.6470. NZD/USD is underperforming, off 0.20% to 0.5875/80, but is up from earlier lows of 0.5864.
  • USD/CNH has broken higher, above 7.3000, reaching fresh YTD highs. This has been another constraint on AUD and NZD trends.
  • On the data front, in Australia, Q3 net exports contributed 0.1pp, less than expected, and public demand 0.7pp to GDP growth. Q3 GDP is out tomorrow. In NZ the terms of trade improved, but good export volumes were weak.
  • Looking ahead, the Fed’s Daly, Kugler & Goolsbee and ECB’s Cipollone speak. In terms of data, US October job openings and Spanish November unemployment print.