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Rangebound After USD Spike Into US Close

FOREX

After a bout of greenback weakness towards the end of the US session helped high beta currencies post fresh highs, it has been a rangebound affair since then.

  • AUD last down 4 pips at 0.7694, down from highs of 0.7978 earlier. Data earlier showed business investment rose 3.0% compared to estimates of 1.0%, Capex is still some way off its pre-pandemic level though.
  • NZD last down 2 pips at 0.7435, retreating from highs at 0.7455 earlier NZD/USD accelerated gains as NZ FinMin Robertson announced changing the RBNZ's policy remit to require the MPC to "take into account gov't policy relating to more sustainable house prices."
  • USD/JPY popped higher into the Tokyo fix, printing fresh session highs at Y106.07 and narrowing in on Y106.11, which capped gains on Wednesday. Failure to attack the Y106.11 level resulted in a mild pullback, which has USD/JPY trading +13 pips at Y106.01 as we type. Little in the way of fresh market-moving headlines seen on the wires, while familiar technical picture remains in play.
  • GBP and EUR are both slightly softer as the greenback retraces some of its recent move lower.
  • The PBOC fixed USD/CNY at 6.4522, broadly in line with sell side estimates. Offshore yuan is lower, USD/CNH 14 pips higher, moving as a function of the USD.
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