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Muted Start Across G-10 On Monday

FOREX

There has been a muted start across G-10 FX on Monday, with little reaction thus far to news of a government shutdown in the US being averted. US Tsy Yields have firmed and US Equity Future are also higher.

  • AUD/USD is up ~0.1%, last printing at $0.6440/45. For now short term gains are considered corrective, and the trend condition remains bearish. Support comes in at $0.6331, low from Sep 27 and bear trigger. Resistance is at $0.6487 the 50-Day EMA.
  • Kiwi is little changed, NZD/USD has see-sawed around the $0.60 handle in thin trade this morning. It is likely that pre-RBNZ positioning will dominate flows this week.
  • The Yen is a touch pressured, however there was little reaction to the Q3 Tankan Survey. The trend outlook for USD/JPY is unchanged and remains bullish. Resistance comes in at ¥149.71, high from October 24 2022, then 150 which is round number resistance. Support is seen at ¥147.82 the 20-Day EMA.
  • Elsewhere EUR and GBP are a touch lower albeit both are operating in extremely narrow ranges.
  • Liquidity in Asia will be affected by holidays in HK, South Korea and China today.

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