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Mixed Performance Across G10, AUDJPY Reverses 1% From 2022 Highs

FOREX
  • Despite the move lower for US yields on the back of softer-than-expected data, the USD index trades in very moderate negative territory on the session amid mixed performance across G10 FX. The likes of AUD, NZD and CAD have all dropped around half a percent (with the decline in oil prices potentially weighing), whereas the Japanese yen outperforms amid the lower core yields.
  • This has provided an interesting trading session for AUDJPY, posting a substantial 1% reversal after closely matching the 2022 highs in APAC trade. The move lower came in the face of some stronger-than-expected Australian employment data, with technical levels providing stiff resistance as we approach the weekend.
  • Bolstering the turnaround was data from the Chinese National Bureau of Statistics showing China home prices fell the most in eight years in October. This comes despite the government ramping up efforts to revive demand, adding to the increasingly sour outlook of the Chinese property sector.
  • Crude futures have fallen by around 5% on the day, as concerns of a tepid demand outlook amid higher US jobless claims, and rising stocks, piled pressure on prices during US trading hours. The price action has weighed on the likes of NOK and CAD, with the former registering the largest decline on the session. This saw EURNOK reverse the entirety of Wednesday’s move lower and should focus market participants back on the technically significant 12.00 level.
  • Friday’s calendar will be headlined by UK retail sales data and potential revisions to Eurozone CPI data. In the US, housing starts and building permits data will be published.
Energy BulletsCommodities
Energy BulletsCommodities

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