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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
NZDUSD Trades To Fresh 2023 Lows, Pressure On EMFX
- The greenback traded with a consistent upward bias throughout Wednesday’s session, with waning equities prompting haven demand, however, gains for the USD index have been limited to 0.25% as we approach the APAC crossover.
- Losses for G10 majors were broad based but particular weakness was seen for the likes of the Australian dollar and specifically NZD, which extended Tuesday’s downward momentum following the lower-than-expected inflation data in New Zealand.
- This prompted NZDUSD to register losses of 0.60% and in the process, the pair has traded to fresh 2023 lows of 0.5851, with not much in the way of short-term meaningful technical support.
- GBP also shrugged off some post-CPI demand to trade in negative territory as we approach the close. As previously noted, GBPUSD trend conditions remain bearish, and bounces continue to be considered corrective. A continuation lower would refocus attention on support and the bear trigger, at 1.2037, the Oct 4 low.
- A quick mention for USDJPY, which despite remaining void of any notable volatility, continues to tick higher and narrow the gap once more with 150.00. Market participants have been unable to brush off the rising yields, however, remain wary of both looming verbal and actual intervention from the MOF.
- Elsewhere the higher long-end US yields and wilting equities induced some substantial weakness for some emerging market currencies. In particular, the Mexican peso declined 1.3% with the likes of PLN and ZAR also declining 1%.
- Australian employment figures for September headline the overnight docket on Thursday, which will be followed by US jobless claims, Philly Fed and potential comments from Fed Chair Powell, due to speak at the Economic Club of New York Luncheon.
To read the full story
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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.