Free Trial

Muted Start On Tuesday


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.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.