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Free AccessGreenback Extends Losses Through Asian session
The USD has extended losses through the Asian session today, BBDXY is down ~0.3% and sits at its lowest level since September. The lingering effect of last week's Fedspeak and associated re-pricing of Fed rate cuts for 2024 has pressured the USD today. Regional equities are firmer, the Hang Seng sits ~1.5% firmer as China's financial regulators vowed to meet all property developers financing needs late on Friday (BBG). PBOC set the Yuan fixing at its strongest level since August, which is also weighing on the greenback.
- Kiwi is the strongest performer in the G-10 space at the margins. NZD/USD is up ~0.7%, last printing at $0.6030/35. Bulls target the 200-Day EMA at $0.6063 which opens the high from 8 Aug ($0.6118).
- The AUD is also outperforming, AUD/USD is ~0.6% higher. The pair has breached the high from 15 Nov ($0.6542), resistance comes in at $0.6582, 50.0% retracement of Jul-Oct bear leg. We last print at $0.6550/55.
- Yen is ~0.5% firmer and sits below the ¥149 handle after early highs close to ¥150. USD/JPY has broken the 50-Day EMA, and sits on key support at ¥148.81.
- Elsewhere the EUR and GBP are both ~0.2% firmer. CHF, NOK and SEK are all ~0.4% higher although liquidity tends to be poor in Asia.
- German PPI headlines an otherwise thin docket on Monday.
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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.