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Free AccessGreenback Loses Ground Amid Partial Reversal Of Yesterday's Moves
The greenback has dropped in morning Asia-Pac hours, with the BBDXY index moving away from record highs printed Monday at 1,355 to last trade at 1,351. The move has been facilitated by a degree of richening in U.S. Tsy space as cash trading restarted in Tokyo, as well as an uptick in e-mini futures. The absence of any obvious headline catalysts suggests correction of overnight moves/profit taking have set the tone of early Asia-Pac trade.
- Sterling outperforms in the wake of its chaotic crush over the past two days, when the market issued a damning verdict on UK Cll'r Kwarteng's sweeping tax cut plans. Cable trades at $1.0756, up ~70 pips on the day, after printing an all-time low of $1.0350 on Monday.
- The kiwi is the second-best performer in G10 FX space, another laggard-turned-leader. NZD/USD trades at $0.5675, up ~40 pips on the day, after lodging a new cyclical low of $0.5625 on Monday. AUD/NZD has pulled back from yesterday's cycle peak (NZ$1.1462) to last deal at NZ$1.1418.
- Hawkish revisions to sell-side RBNZ terminal-rate forecasts may have lent some support to the kiwi dollar as BNZ and TD Securities became the latest desks to pencil in additional rate hikes this cycle.
- Today's data highlights include U.S. Conf. Board Consumer Confidence, new home sales & flash durable goods orders. Central bank speaker activity remains on high gear, with a suite of Fed, ECB, BoE & Riksbank members set to take the floor.
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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.