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Greenback Broadly Trims Post-Fed Gains, Focus on US NFP

LATAM
  • The greenback trades on the backfoot, with currency markets reversing a small part of the week's post-Fed outperformance. EUR/USD remains below the $0.98 handle, but has recovered off the lows of $0.9730 printed yesterday.
  • The beneficiaries of the USD pullback have largely been CNH, AUD, NZD and CAD in G10 which outperform alongside stronger China equity markets overnight and a firmer commodity complex (Bloomberg Commodity Index +2.17%).
  • Moves follow continued speculation that China could ease their COVID policy approach amid reports that authorities are planning to end flight suspensions. Latest headlines on reducing the quarantine period continues to bolster this thesis, underpinning Yuan strength, despite no confirmation from Chinese officials.
  • Focus turns to the US October non-farm payrolls release, with markets expecting job gains of 195k and a modest uptick in the unemployment rate to 3.6%, showcasing a labour market that remains solid, but is sequentially slowing in its expansion.
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