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USD Slips, Yen Benefits From Lower Yields/Local Data Beats

FOREX

The majors are tracking higher against the USD in early Friday Asia Pac dealing. The BBDXY is off 0.10%, last near 1237.60, which is still within ranges from US trade on Thursday.

  • In the cross asset space, the early bias is for lower US yields, giving back some of Thursday's gains (10yr last near 4.31%, -1.4bps). US equity futures are down a touch.
  • This is likely aiding the yen at the margin. USD/JPY is down 0.25%, last near 147.85. Earlier data also showed beats on the unemployment rate and company profits, which may be helping yen sentiment as well.
  • NZD/USD has crept higher to 0.6165/20, +0.20%. Comments from RBNZ Deputy Governor Hawkesby have crossed, stating the central bank can't ignore the surge in immigration, which is adding to demand and inflations risks (see this link). Earlier consumer sentiment data showed a further improvement for the Nov reading.
  • AUD/USD sits just above 0.6610 (+0.10%), trailing JPY and NZD at the margins. Note we have a 0.6610-25(A$1.3bln) option expiry for the NY cut later.
  • EUR/USD is back to 1.0900, also +0.10%.
  • Coming up later we have Caixin manufacturing PMI for Nov as the main remaining event risk for the Asia Pac time zone.
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