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Narrow Ranges To Start In Asia

FOREX

The USD is marginally firmer in early Asian trading, however ranges remain narrow with little follow through on moves.

  • The AUD is down ~0.1%, AUD/USD last prints at $0.6450/55. Judo Bank Services PMI ticked higher to 47.8 from 46.7 in August. Trend conditions remain bearish with the recent recovery considered a correction. Resistance is at $0.6522, the high from Aug 30, and $0.6567, 50-Day EMA. Support comes in at $0.6365, low from Aug 17 and bear trigger, and $0.6285, low Nov 4 2022.
  • Kiwi is a touch lower than opening levels however ~10 pip range has been observed this morning.
  • Yen is marginally weaker, USD/JPY is ~0.1% firmer. On the wires shortly we have the final read of Jibun Bank Services PMI for August.
  • Elsewhere in G-10 NOK is ~0.2% lower however liquidity is generally poor in Asia.
  • Cross asset wise; BBDXY is up ~0.05% and 10 Year US Tsy Yuelds are ~2bps firmer. E-minis are ~0.1% lower.
  • The latest monetary policy decision from the RBA headlines in Asia, we also have the latest Caixin Services PMI print from China.
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Energy BulletsCommodities

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