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Greenback Holds Decline

FOREX

US dollar weakness was the main theme on Tuesday and the greenback is holding its worst levels for 4 days early in Asia on Wednesday after a strong 10-year auction catalysed the move.

  • AUD/USD last down 7 pips at 0.7764. AUD could face some headwinds as tensions with China resurface after a bid by a Chinese state-owned company to buy an Australian construction company was shut down. Data showed job vacancies rose 23.4% in Dec after a 59.5% rise in November.
  • NZD/USD is faring slightly better, up around 5 pips at 0.7224. Fitch affirmed NZ's ratings and outlook after market on Tuesday.
  • USD/JPY last down 13 pips. There has been little in the way of notable local headline flow for JPY, with continued focus re: the potential expansion of the areas covered by the COVID-19 state of emergency. Japanese Prime Minister Suga news conference scheduled for 1000 GMT/1900JST to give an update on the situation. A piece in the Nikkei has garnered some attention; The BoJ is said to be considering cutting growth forecast for the fiscal year at the January meeting, taking into account a resurgence in Covid-19 cases.
  • The PBOC fixed USD/CNY at 6.4605, some 218 pips lower on the weaker US dollar and significantly lower than sell side estimates of 6.4510.
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