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Kiwi Standout Performer In Asia


The Kiwi is the strongest performer in the G-10 space at the margin today. The greenback has ticked lower amid thin holiday trade, US and Japanese cash markets are closed, BBDXY is down ~0.1%. Oil has ticked lower, as Asian participants digested Wednesday's news of a delayed OPEC meeting. US Equity futures are little changed. A firmer than expected Yuan fixing by the PBOC weighed on the USD with losses marginally extending through the session.

  • NZD/USD prints at $0.6045/50, the pair is ~0.5% firmer today. Bulls remain focus on the 200-Day EMA ($0.6062). PM-Elect Luxon noted today taht he is aiming to be sworn in as PM on Monday as government formation talks have concluded.
  • AUD/USD is up ~0.2% however a $0.6040/60 range has been observed for the most part. Judo Bank PMIs remain in contractionary territory, flash November prints were 47.7 (mfg) 46.3 (Services) and 46.4 (Composite) with all three ticking lower from the October reads.
  • Yen is firmer and has ticked away from yesterday's session highs, however the ¥149 handle remains intact. Technically the recent weakness looks like a correction, resistance comes in at ¥149.75 high from Nov 22. Support comes in at ¥147.15, low from Nov 21.
  • Elsewhere in G-10 SEK is ~0.3% higher however liquidity is generally poor in Asia.
  • Flash PMIs from Europe and the UK provide the highlight today.

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