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HK Equity Weakness Curbs NZD & AUD Gains

FOREX

The earlier risk on tone in FX markets has given way to a more cautious backdrop. Both AUD and NZD are back to modestly lower for the session. The BBDXY is up from earlier lows, but little changed versus end Wednesday levels in NY, last near 1242.

  • Cross asset wise, US equity futures are largely holding strong gains, Nasdaq futures last +1.3%, Eminis around +0.65% higher. Some offset is coming from a weaker HK/China equity tone. The HSI last down -0.25%. China onshore markets are back to modestly in the red as well.
  • NZD/USD got close to 0.6200, but now sits back at 0.6180, while AUD/USD is back to 0.6545/50. Weaker metal prices may also be weighing on AUD at the margin.
  • USD/JPY hasn't shifted that much, the pair still near 150.35/40. US cash yields are modestly lower, but this hasn't benefited the yen yet.
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