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Safe Havens Edge Down, NZD Claws Back Some Underperformance

FOREX

Earlier trends have mostly stayed on track as we progress into the Asian afternoon session. Safe havens in terms of JPY and CHF remain underperformers, while higher beta plays have seen modest outperformance against these plays and the USD.

  • This largely owes to the slightly better tone from equities, although market participants are unlikely to be putting on much fresh risk ahead of the Christmas holiday period.
  • USD/JPY currently tracks close to 132.65, down slightly from session highs near 132.80. US cash Tsy yields are off intra-day highs as well.
  • NZD/USD has rebounded by nearly 0.50%, the pick of the high beta plays. We were last around 0.6275, but this unwinds only a small proportion of the past week's underperformance.
  • AUD/USD is back above 0.6680, +0.20% for the session. The AUD/NZD cross has corrected lower though, back sub 1.0650, versus yesterday's highs near 1.0720.
  • Coming up, the main focus is likely to be on US data due, with the PCE deflator, durable good orders, U. of Mich. consumer sentiment and new home sales all set to print.
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