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Free AccessUSD Drifts Lower, Commodity FX Outperforming
The USD tone continues to be a modestly offered one. The BBDXY drifting sub 1222. US equity futures have ticked lower, while US yields are down a touch versus earlier session levels. Commodity FX is outperforming at the margins.
- NZD/USD is now around 0.25% firmer versus the NY closing level from Wednesday, last near 0.6220. If we break above the 200-day EMA (0.6233), highs from late last week near 0.6250 could come into focus.
- AUD/USD is above 0.6800, but trailing NZD at this stage. The AUD/NZD cross is back close to multi-week lows around 1.0940 in latest dealings.
- NOK is around 0.30% firmer, last close to 10.64, although liquidity will be lighter for this pair in Asia Pac. Higher oil prices are likely helping at the margins.
- USD/CNH is also tracking lower sub 7.1700, last in the 7.1680/90 region. Again though with China/HK markets out, liquidity will be impacted.
- EUR/USD and USD/JPY are tracking recent ranges, albeit with a slightly firmer tone against the USD. EUR/USD last 1.0990/95, USD/JPY back to the low 141.70 region.
- BoJ board member Noguchi struck a familiar tone in a speech today, saying the bank is showing a strong commitment to easing and that 2% inflation expectations are not anchored yet.
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