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Mixed US Data Keeps Greenback Range Contained, Swiss Franc Outperforms

FOREX
  • After a moderate extension of weakness in early trade, the USD index then grinded higher across APAC and European hours. A mixed set of US growth/PCE data prompted some two-way price action within contained ranges and the USD index remains close to unchanged on the session.
  • The Swiss franc is higher against nearly all its G-10 peers amid the drop in global bond yields and as gold prices extend on their most recent strength. USDCHF has declined as much as 0.5% to 0.8736, the lowest level since mid-August. Additionally, EURCHF has fallen 0.65 to a three-week low below 0.9600 playing into the soft German CPI report.
  • Some analysts have also noted that USD/CHF 2-week implieds, which include the Dec. 13 Fed decision, rose to fresh three-week high of 6.55%.
  • NZD is also among the firmest currencies across G10, after the RBNZ rate decision kept headline policy unchanged, but signalled strongly that further hikes will follow in 2024 should CPI remain stubbornly high in the interim. NZDUSD is well off the overnight high of 0.6208, but the uptrend remains intact. Further strength would open 0.6274 ahead.
  • Antipodeans worked against each other following softer than expected Australian inflation data, prompting AUDNZD to spend the majority of the session consolidating a sharp 0.8% decline to six-week lows for the pair.
  • China manufacturing and non-manufacturing PMI data will highlight the overnight calendar on Thursday before further Eurozone CPI releases are published. Canada GDP, US PCE and core PCE deflator and US jobless claims are also due. The MNI Chicago Business Barometer and US Pending home sales close the Thursday docket.
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