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USD Index A Touch Below Recent Highs, RBA Main Event Risk

FOREX

Early Asia Pac Tuesday moves have been muted. The BBDXY was last near 1274.55, sitting just below recent cyclical highs. Cross asset signals are fairly muted in trade to date.

  • US Tsy futures sit at 107-13, with Monday lows around 107-08 still intact. US cash Tsy trading starts in in little under 15mins. Cleveland Fed President Mester stated a short while ago that rates may need to rise again in 2023, but any move is data dependent (Mester isn't a voting member until 2024). See this link for more details. US equity futures sit a touch higher.
  • NZD/USD is down around 0.10% at this stage. The pair sub 0.5940 in recent dealings. AUD/USD is last near 0.6360/65, a touch above NY closing levels.
  • The focus rests on the upcoming RBA decision. No change is expected but a number of sell-side analysts are looking for a +25bps hike in November, so the RBA tone will be watched.
  • EUR/USD is near 1.0480/85, little changed on NY closing levels from Monday. USD/JPY last near 149.85.
  • Ahead of the RBA decision we do have some Australian data, with August home loans and building approvals out. ANZ job ads also print.
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