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FOREX
FOREX: It has been a sedate session for the majors overnight, with little in the
way of news flow & Hong Kong observing a holiday.
- USD/JPY consolidated Tuesday's risk-on induced gains, trading at Y112.30 last,
as buoyant Japanese equities leant support. Bulls need a break of Y112.50 to
challenge the 50% retracement of October's downtrend at Y113.09.
- AUD/USD stuck to a tight range, dealing 5 or so pips softer last at $0.7135,
brushing off comments from RBA Dep. Gov Debelle, as he suggested that
unemployment may fall further than it has done in previous instances before
wages pick up. Debelle then participated in a Q&A, with BBG covering the
comments. On the AUD he noted that it would be "helpful for our economy if the
fed rate pushes the A$ lower."  NZD/USD ran into resistance in the form of the
50-DMA ($0.6595), last $0.6585. This allowed AUD/NZD to edge back above its
200-DMA (NZ$1.0832), after trading below the level early on.
- The yuan underperformed alongside Chinese equities.
- Focus Wednesday turns to UK inflation data, U.S. building permits and the FOMC
Sep MonPol meeting minutes, as well as the heavily awaited Brexit summit.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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