Mixed Trade In Asia

Early Asia-Pac trade saw a light risk-on impetus, as Chinese Premier Li said that China's economic development will return to a "proper range" next year, while participants digested familiar risk-supportive developments. The initial impulse faded away amid little in the way of fresh macro headline flow, with G10 FX space struggling for a clear direction. JPY traded on a softer footing, as the Nikkei 225 printed best levels since 1991 while Gotobi demand may have lent some support to USD/JPY.

• EUR & Scandies led gains among major currencies, NOK likely drew some modest support from an uptick in oil prices. GBP was rangebound ahead of today's UK spending review, with Cll'r Sunak set to announce GBP4.3bn in funding to support the unemployed in seeking new jobs.
• NZD shrugged off the RBNZ's Financial Stability Review and subsequent central bank speak. Gov Orr said the MPC wants to have the banking system operationally ready for negative interest rates, but never promised to deploy this tool. His colleague Hawkesby noted that the NZD would trade 5-10% higher, if the central bank had not eased policy further.
• KRW rallied, catching up with yesterday's improvement in risk sentiment to become the best performer in Asia.
• Today's heavy calendar features some front-loaded U.S. releases, moved from Thursday's Thanksgiving. Initial jobless claims, second GDP reading, personal income/spending, final U. of Mich. Sentiment, flash durable goods orders, new home sales and FOMC Nov MonPol meeting minutes are all due. Elsewhere, focus turns to remarks from ECB's Holzmann & Riksbank's Ingves, as well as the ECB's FSR.