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USD Drifts Lower, Little Reaction From Markets To Asia Pac Data Prints

FOREX

It has been a fairly steady start for the USD in Thursday Asia Pac trade. The BBDXY is down a touch, last near 1233. This largely owes to a slightly firmer yen bias. USD/JPY dipped to 146.85 in early trade, but we now sit closer to 147.00 still 0.20% stronger in yen terms.

  • This fits with the recent pattern of yen gains into the Tokyo fixing, as we approach month end.
  • We had data earlier, which was largely second tier. Retail sales were down 1.6% m/m (0.4% forecast), while IP was close to expectations +1.0% m/m. We still have BoJ speak later.
  • NZD/USD has been steady, last near 0.6160. Building approvals bounced in Oct, while ANZ business activity and confidence continued to improve. The Kiwi has been little moved on the these outcomes.
  • AUD/USD has drifted higher, last at 0.6620/25, a touch above NY closing levels. Just printed has been Q3 Capex, which came in close to expectations (+0.6%), while building approvals were +7.5% m/m (1.4% forecast). Again though, the reaction in the FX space has been muted.
  • Still to come is the official China PMI prints for November.
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