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Slight Commodity FX Outperformance, But Muted Trading Overall

FOREX

USD trends have been mixed. The bias has been for slight outperformance from commodity FX against the majors, but only modestly. The BBDXY sits just above 1270.50 currently, slightly down from session highs near 1272.

  • Much of the focus remains on a further easing in China Covid restrictions. The market reaction has been fairly muted though, as moves were telegraphed earlier in the week.
  • USD/JPY has generally been supported dips. The pair last at 137.30/35 but finding some resistance ahead of 137.50. US cash Tsy yields are up a touch.
  • AUD/USD is holding above 0.6700, +0.20% on NY closing levels. The market shrugged off a slight Q3 GDP miss. Commodities are generally flat at this stage.
  • NZD/USD has trailed AUD, but only modestly, the pair last at 0.6325, with the AUD/NZD cross finding selling interest above 1.0600.
  • Looking ahead, tonight the main event is likely to be the BoC meeting where they are expected to hike another 50bp. There is also US unit labour costs for Q3 and a number of ECB speakers.
Energy BulletsCommodities
Energy BulletsCommodities

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