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USD Nudges Higher

FOREX

MNI (Australia) - The early impetus for the USD has remained positive. The BBDXY has edged above 1271, the index now back above its simple 200-day MA (1268). We are only +0.10% above NY closing levels, so overall moves are modest.

  • USD/JPY dipped to a low of 136.79, but is now back closer to 137.20 (-0.15% weaker in yen terms). US Tsy yields are a touch firmer, +0.5/+1bp across the curve at this stage. Note highs from late yesterday sat close to the 137.50 in the pair.
  • AUD/USD is back sub 0.6700 but is outperforming the rest of the G10 bloc. Q3 GDP printed came in slightly weaker than expected. There has been no lasting impact on sentiment though.
  • NZD/USD is down around 0.15%, sitting back at 0.6310/15, one of the worst performers after the yen. AUD/NZD cross demand may be a factor, with the cross moving back above 1.0600.
  • Still to come is China trade figures, while the other focus point could be Covid related headlines out of China, with Reuters stating further easing measures could be announced today.
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