CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NZD/JPY Continues To Track Higher, China MLF & Aust Wages Later

FOREX

Early G10 FX trends lean towards risk on, with NZD marginally outperforming. The BBDXY is little changed last near 1252.35, close to end NY levels from Wednesday.

  • NZD/USD is around 0.6045/50, +0.10% higher and above the 100-day EMA. The 200-day sits further north at 0.6068. AUD/USD is trailing slightly but still higher, last around 0.6630.
  • The AUD/NZD cross is off to 1.0960, very close to the 20-day EMA. We haven't been able to sustain breaks sub this support level in May to date.
  • The broader backdrop is supportive of risk on flows, with positive equity trend evident for those markets open in Asia Pac at this stage. US yields are up a touch, but gains are less than 1bps at this stage.
  • The Fed's Schmid noted that rates could stay high 'for some time' but the comments don't appear to deviate from the recent narrative given by the Fed, see this link for more details.
  • USD/JPY is a touch higher, back above 156.50, but this remains sub intra-session highs from Tuesday. NZD/JPY is back to 94.65/70, with pre intervention highs at 95.40.
  • Coming up we have the China 1yr MLF decision, no change is expected. Shortly after that the Australian Q1 wage outcome. It is forecast to print at 0.9% q/q and 4.2% y/y.
BulletMarketsForeign Exchange BulletsHomepage
BulletMarketsForeign Exchange BulletsHomepage

To read the full story

Close

Why MNI

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.