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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessUSD Firmer, Weaker Equity Tone Helps, AUD Holding Losses Post CPI Miss
The USD has mostly traded on a positive footing as the FOMC comes into view. The BBDXY was last near 1237.35, slightly off session highs (1237.74). A weaker tone to US equity futures (Nasdaq off more than 0.8%), has aided the USD at the margins, as earnings disappointment from tech bellwethers weighed on sentiment. US yields sit down around 1-2bps across the benchmarks.
- AUD has been the weakest performer, off 0.45% in recent dealings near the 0.6570 level (lows were at 0.6559). We had a weaker than expected Q4 CPI print, which has weighed on local yields and market pricing for the RBA outlook.
- The slight downside miss on the China manufacturing PMI also hasn't helped the A$. Metal commodities are down for copper and iron ore.
- NZD/USD has been dragged down by AUD weakness, and broader risk off trends. The pair last new 0.6115 around 0.35% weaker versus end NY levels from Tuesday.
- USD/JPY sunk in early trade, dipping under 147.20, as the BoJ Summary Of Opinions from the Jan policy meeting struck a hawkish tone around exiting negative rates. Our Japan policy team provided its latest insight, "While the April 25-26 meeting remains the most likely timing for policy adjustment, there is still an outside chance the Bank of Japan could look to end its negative rates policy in March 18-19 due to strong wage and prices data, MNI understands (see this link)."
- The pair has recovered though to be back at 147.65, little changed for the session, albeit outperforming the other majors.
- EUR/USD sits near 1.0825, off around 0.25% for the session so far.
- The focus of today will be the Fed decision out later; no change in rates is expected (see MNI Fed Preview here). There are also January US ADP employment & MNI Chicago PMI, and Q4 employment cost index. German & French preliminary CPIs also print.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.