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USD Sees Modest Early Support

FOREX

The USD has seen some support emerge since the Asia open. The BBDXY is back above 1263 (last at 1263.30, +0.07%), but overall ranges fairly tight, with headline flow fairly light at this stage. Cross asset signals are muted, although US equity futures are negative, which may be helping the USD at the margin, while US cash Tsys are up smalls in yield terms.

  • USD/JPY is around the 136.75/80 region, up slightly on NY closing levels. Most of the headline flow related to how Japan will fund extra defence spending.
  • AUD/USD has edged down slightly close to 0.6765, while NZD/USD is down slightly to 0.6375.
  • Earlier NZ data on manufacturing activity showed improvement in Q3 (+3.1%, versus -4.8% prior for volumes), while card spending was mixed, +0.3% for retail but -0.4% for total.
  • EUR (1.0550/55) and GBP (1.2225/30) are off slightly at this stage.
  • Still to come is China inflation prints for November.

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