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USD Down From Overnight Highs

FOREX

The USD has been offered in the first part of trading. The BBDXY is down 0.12% at this stage, last close to 1279.40. This unwinds some of Monday's session +0.63% gain. Headline flow has been limited, with the Fed's Barkin not shifting sentiment in the rate space. Equities are a touch firmer (ex Japan) but overall moves are modest. The lack of escalation from a China social unrest standpoint overnight is likely helping sentiment at the margin. USD/CNH is back sub 7.2400, down -0.15% for the session so far.

  • JPY is the best performer in the G10 space, with USD/JPY off 0.15% from NY closing levels, last around 138.70.
  • Earlier Japan October retail sales were weaker than expected (+0.2% m/m, against a +1.0% forecast, although the prior month was revised higher), while the jobless rate remained at 2.6%, versus a 2.5% forecast. These releases didn't impact sentiment though.
  • NZD is around +0.10% above NY closing levels, last at 0.6170, slightly outperforming the AUD (last just under 0.6655).
  • EUR/USD is around 1.0345 currently, while GBP/USD just above 1.1970.
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