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USD Away From Worst Levels

FOREX

The early tone in Asia Pac has been for further USD weakness, although we are away from worse levels. Cross asset signals are positive from an equity standpoint, with regional markets, higher (ex Japan). Firmer US equity futures (+0.55% for Eminis), are also helping offset the negative lead from overnight. US yields are slightly lower for the 10yr, back to 4.00%, but the 2yr is slightly higher, sitting near 4.41%.

  • EUR/USD flirted with a break above its 100 day MA (1.0085), last at 1.0080, down slightly from fresh highs near 1.01.
  • USD/CNH also fell through overnight lows sub 7.1700, but is now back near 7.1800.
  • USD/JPY touched 146.00, near lows from earlier in the week, but is slightly higher now (last 146.20).
  • NZD/USD is outperforming (+0.10%). The Kiwi back near 0.5740, threatening a break above the 50-day EMA (0.5856) earlier. Comments from RBNZ Governor Orr stated the central bank will tackle higher inflation even if it means a higher unemployment rate.
  • AUD/USD is lagging broader moves, stuck below 0.6500 for now. Weakness in the AUD/NZD cross, back towards 1.1100/05, versus overnight highs around 1.1175, is weighing. Just printed is Q3 trade figures, export prices fell -3.6% q/q, (-7.0% expected), but import prices were firmer (+3.0% (+0.9% forecast).
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