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Little Reaction To China Nov Activity Prints, Softer US Tsy Futures Aiding The Dollar

CROSS ASSET

Market reaction to the China Nov activity prints has not been large at this stage. IP printed firmer than expected, but retail was softer, while fixed asset and property investment were close to expectations.

  • USD/CNH holds near 7.1300 in recent dealings, just off session highs (7.1321). The pair has tracked modestly higher in the first part of trade. 1 month USD/KRW is also firmer, last near 1294 (+0.50%).
  • Both pairs may be taking some sympathy from higher USD/JPY levels, last around 142.30/35 (+0.30%). US Tsy futures sit down modestly, so that may be driving some squaring in USD short.
  • AUD is steady near 0.6700, like wise for NZD around 0.6210, both marginally higher for the session.
  • Equity sentiment is mostly positive in the region, HK markets leading the charge, +2.5%, but China mainland markets are lagging, CSI 300 +0.30.
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