MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI BRIEF: Former BOC Dep Beaudry Sees 2.75%-3% Rate In 2025

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

FOREX: Yen & NZD Lose Ground, A$ Outperformance Aided By Retail Sales Beat

FOREX
BulletMarketsFixed Income BulletsForeign Exchange Bullets

The USD is firmer against JPY and NZD as the Tuesday session unfolds. Both currencies are down around 0.45% against the USD at this stage. The USD BBDXY index is slightly higher last near 1223.5.

  • USD/JPY has spent most of the session tracking higher, the pair last 144.25/30, just off session highs (144.33). Whilst we are still comfortably below intra-session highs from Friday (146.49), it is still an impressive rebound from yesterday's lows at 141.65.
  • Today's data pointed to a resilient economic backdrop, with the unemployment rate edging down, while the Q3 Tankan survey painted a positive outlook. The BoJ Summary Of Opinions from the September meeting didn't suggest there was any need to rush further rate hikes, with the central bank stating that CPI trends, wages and US developments are key watch points.
  • This backdrop has weighed on yen at the margins, whilst onshore equity gains and a tick up in US equity futures have been other yen headwinds. US yields sit close to unchanged at this stage.
  • NZD/USD has faltered back to 0.6325. Local bank BNZ calling for a 50bps cut in light of the softer NZIER survey figures earlier today.
  • AUD/USD has outperformed, aided by a retail sales data beat, which has weighed on RBA easing expectations into 2025, albeit at the margin. The pair got to highs of 0.6935, but sits back at 0.6915 in latest dealings.
  • Looking ahead, we have final EU PMI reads for September, as well as CPI as well. In the US it is the ISM print and the JOLTS job openings data. 
260 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The USD is firmer against JPY and NZD as the Tuesday session unfolds. Both currencies are down around 0.45% against the USD at this stage. The USD BBDXY index is slightly higher last near 1223.5.

  • USD/JPY has spent most of the session tracking higher, the pair last 144.25/30, just off session highs (144.33). Whilst we are still comfortably below intra-session highs from Friday (146.49), it is still an impressive rebound from yesterday's lows at 141.65.
  • Today's data pointed to a resilient economic backdrop, with the unemployment rate edging down, while the Q3 Tankan survey painted a positive outlook. The BoJ Summary Of Opinions from the September meeting didn't suggest there was any need to rush further rate hikes, with the central bank stating that CPI trends, wages and US developments are key watch points.
  • This backdrop has weighed on yen at the margins, whilst onshore equity gains and a tick up in US equity futures have been other yen headwinds. US yields sit close to unchanged at this stage.
  • NZD/USD has faltered back to 0.6325. Local bank BNZ calling for a 50bps cut in light of the softer NZIER survey figures earlier today.
  • AUD/USD has outperformed, aided by a retail sales data beat, which has weighed on RBA easing expectations into 2025, albeit at the margin. The pair got to highs of 0.6935, but sits back at 0.6915 in latest dealings.
  • Looking ahead, we have final EU PMI reads for September, as well as CPI as well. In the US it is the ISM print and the JOLTS job openings data.