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Narrow Ranges In Asia On Monday

FOREX

There have been narrow ranges across the G-10 FX in early dealing on Monday. The greenback is marginally lower however there has been little follow through on moves thus far. US Tsys Yields are a touch higher at the short end of the curve as Fridays losses are marginally pared. Regional equities are firmer, the Hang Seng is up ~1.5%, and E-minis are a touch higher.

  • AUD/USD is up ~0.1%, and is consolidating above the $0.65 handle. Technically the 50-Day EMA has been breached, re-enforcing the bull cycle. Resistance is at $0.6522, Aug 30 high, and $0.6562 10-DMA envelope.
  • Yen is a touch lower as the uptick in US Tsy Yields weighs. USD/JPY prints at ¥149.50/60. The bullish conditions for the pair remain intact. Resistance comes in at ¥151.72, high from Oct 31.
  • NZD/USD is marginally lower however the pair has dealt in a narrow range below the $0.60 handle. The $0.60 presents immediate upside resistance and a $0.5985/95 range has been observed for the most part.
  • Elsewhere in G-10 the Scandies are firmer however liquidity is generally poor in Asia.
  • The docket is thin on Monday, the next major macro event is tomorrow's RBA monetary policy decision.
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