USD Stays On The Back Foot

The USD has stayed under pressure for much of the session, although overall losses have remained fairly modest. The BBDXY is off by around 0.20% (1289), the DXY by a similar amount. Headline flow has remained light, while slightly lower UST yields and a firmer equity backdrop have weighed on the USD from a cross asset standpoint.

• NZD has generally outperformed, despite a wider trade deficit posted for October. Focus likely rests on tomorrow's RBNZ meeting, where 75bps is the consensus, although not fully price by markets. NZD/USD is around +0.35% since the open, last at 0.6120/25.
• AUD has lagged but is still firmer for the session. The pair was last close to 0.6620. A firmer backdrop for China property stocks has helped at the margin and dragged the currency off earlier lows (close to 0.6600). The AUD/NZD cross got close to 1.0800, but is now back at 1.0815/20.
• JPY has firmed as the session has progressed, moving further away from overnight highs above 142.00. The pair last just under 141.70.
• Still to come is RBA's Lowe Speech, 7:30pm AEDT, 8:30am BST. UK public finances are on tap as well, along with some ECB speakers. In the US the Richmond Fed prints, while Fed speak is also due.