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Greenback Ends Week On Weaker Note Amid Debt-Ceiling Talks Collapse

FOREX
  • The USD spent the majority of Friday trading on a weaker footing as the currency pulled back a small part of this week's rally. This weakness was exacerbated by a wave of risk-selling following headlines on the debt ceiling. Headlines citing GOP negotiator Graves as stating that talks are at a pause, and the White House are not being reasonable. The USD index is down half a percent as we approach the week’s close, however, does remain stronger on the week by around 0.4%.
  • Following the headlines and corresponding sell-off across major equity benchmarks, USDJPY had an impressive slide from levels around 138.50 to a fresh intra-day low of 137.43, before paring some of these losses into the close.
  • Separately, the PBoC re-stated their vow to curb speculation in the FX market, urging institutions to maintain FX market stability. The statement sees curbing of speculation "when necessary". USD/CNH traded to fresh daily lows on the back of the headlines – with the pair printing as low as 7.0121 and looking set to snap its 3-day advance.
  • Antipodean currencies are firmer, keeping AUD and NZD top of the pile in G10. NZD/USD (+1.05%) has notably cracked the 100-day moving average to the topside. Market moves come ahead of the RBNZ rate decision next week, at which consensus looks for a 25bps hike to 5.50% - with a number of sell-side analysts switching their views to see a peak rate further north of current levels following this week's budget.
  • The economic calendar is very light on Monday but hots up Tuesday with a host of European Flash PMIs.
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