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USD Softens, Weaker AU & NZ Data Largely Ignored By FX Markets

FOREX

The USD is softer in the first part of trading today. The BBDXY is down slightly, last around 1278.30, around -0.10% off NY closing levels. Cross asset signals have been fairly muted, with US equity futures around flat, while UST yields are down a touch.

  • Australia and NZ data has generally been disappointing. NZ building permits fell sharply (-10.7% m/m), while a slump in business activity and confidence suggests a further cooling in GDP growth. NZD/USD is slightly higher for the session though, last around 0.6210.
  • For Australia the main focus was the downside surprise in October CPI (headline 6.9% y/y, against a 7.6% forecast). This has seen front end AU bond yields falter, the 2yr down 5bps to 3.11%, The damage to the AUD has been limited though, with the currency last around 0.6690, slightly up for the session, versus post CPI lows of 0.6670.
  • USD/JPY is unchanged and is finding selling interest closer to 139.00 (last 138.60/65). EUR/USD is back to 1.0340/45, while GBP is at 1.1975, +0.20% for the session and this explains the lower BBDXY levels.
  • Coming up in about 30mins is the official China PMI readings.
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