Kiwi Pressured, Yen Firmer In Asia

The NZD has been pressured in Asia today, early pressure came after the Q3 employment report and Kiwi has been see-sawing around $0.58 for the majority of today's session. The Yen is the best performer in the G-10 space, trimming Tuesdays post BoJ losses as Japanese authorities hint at possible currency intervention.

• NZD/USD is down ~0.3%, last printing at $0.5805/10. Q3 employment contracted 0.2% q/q after rising 1%, the first drop since Q2'22. However Q3 labour costs rose 1.1% q/q and 4.3% y/y.
• The Yen is up ~0.3% however at this stage the ¥151 handle remains intact. Japan's top currency official Kanda noted today that authorities are ready to act on the Yen if needed.
• AUD is a touch below opening levels, however ranges have been narrow with little follow through on moves. Technically the trend outlook is bearish, support comes in at $0.6270 low from Oct 26 and key support. Resistance comes in at $0.6406, 50-Day EMA.
• Cross asset wise; US Equity futures are off session lows however e-minis remain ~0.2% lower. US Tsy Yields are 1-2bps lower across the curve. BBDXY is up ~0.1%.
• The highlight of today's session is the latest FOMC rate decision.