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Muted Start On Tuesday

FOREX

There has been a muted start across G-10 FX on Tuesday, ranges have been narrow with little follow through on moves thus far. Cross asset wise; US Tsy Yields are marginally firmer, as is WTI. US Equities are a touch above opening levels.

  • Yen is little changed this morning, USD/JPY fell ~0.5% from its fresh YTD in yesterdays NY session. The pair pared losses and sits at ¥151.70/75 this morning. Technically a break of yesterdays high (¥151.95) opens ¥152.20, 3.00 proj of Jul 14-21-28 price swings. Support comes in at ¥150.25, 20-Day EMA. Cross wise EUR/JPY and GBP/JPY have printed fresh multi-year highs this morning.
  • AUD/USD is marginally firmer however a $0.6375/85 range has been observed for the most part this morning. Technically a short term bull cycle remains in play, resistance is at $0.6449, high from Nov 8. Support is at $0.6330, 76.4% retracement of Oct 26 - Nov 6 rally.
  • Kiwi is also a touch high, NZD/USD is consolidating below $0.59 in a narrow range. RBNZ's Silk noted this morning that credit growth in NZ is muted and that building foreign reserves will take many years (BBG).
  • Elsewhere in G-10 there have been no moves of note.
  • The docket is thin for the remainder of today's Asian session with just the October NAB Business Survey due at the bottom of the hour.
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