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Late Risk Appetite Gathers Momentum

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Fresh Bear Cycle Low

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Fiscal Tightening And Yield Curves

AUDUSD TECHS

Bullish Extension

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Consolidating

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FOREX
FOREX: NZD/USD ran out of steam ahead of its 50-DMA ($0.6598) after stronger
than exp. headline NZ CPI generated a bid. Many attributed the strong headline
to transitory factors & suggested that the RBNZ will be happy to look through
the release. The RBNZ's own sectoral inflation model was unch. at 1.7% Y/Y in
Q3. Rate last deals at its 21-DMA ($0.6568). Bulls look for the level to hold so
that they can focus on a challenge of the session highs & 50-DMA.
- AUD/NZD traded ~65 pips lower at one point, briefly breaching the 200-DMA
(NZ$1.0833), before NZD strength faded. Bulls look for a clean break & close
below the level. The move lower in AUD/NZD limited AUD/USD, which deals unch.
The AUD had no notable reaction to the release of the minutes from the RBA's
most recent MonPol decision, with the Bank's medium term MonPol views remaining
unchanged, and little fresh information apparent in the details of the meeting.
- An uptick in risk sentiment allowed USD/JPY to probe for a clean break above
Y112.00, aided by comments from Japanese FinMin Aso, who stated that the
Japanese & U.S. FX chiefs will discuss currency matters.
- UK jobs numbers, German ZEW survey & U.S. industrial prod are on tap Tuesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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