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Narrow Ranges To Start, RBA SoMP Due Shortly

FOREX

There have been narrow ranges across G-10 FX on Friday, BBDXY is marginally firmer however there have been little follow through on moves. US Tsy Yields have extended gains seen in yesterday's NY session and US Equity futures are a touch lower.

  • AUD/USD is down ~0.1% at $0.6360/65. Thursday's lows have been breached but a 10 pip range has been observed thus far. Technically the pair has breached the 20-Day EMA and support now comes in at $0.6315, low from Oct 31.
  • Kiwi is dealing in a narrow range below the $0.59 handle. On the wires early in todays session was BusinessNZ Mfg PMI for October which printed at 42.5 this morning, the prior read was revised lower to 45.1. This is the lowest reading since August 2021 and marks the 8th consecutive month of contraction.
  • Yen is unchanged this morning. USD/JPY prints at ¥1.151.30/35. Technically bulls remain in the drivers seat, resistance comes in at ¥151.72 high from Oct 31.
  • Elsewhere in G-10 EUR and GBP are marginally lower.
  • RBA Statement on Monetary Policy is due at the bottom of the hour, the central bank's updated forecast profile will be eyed following Tuesday's +25bps hike.
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