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MNI: FRANCE DEC FLASH MANUF PMI 41.9 (FCST:43.0); NOV 43.1

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JAPAN DATA: Japan October Machine Orders +2.1% M/M

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USD Ticks Down, EUR Looks Through Moody's France Downgrade

FOREX
MarketsStoryForeign Exchange BulletsFixed Income Bullets

Aggregate G10 moves are skewed against the USD so far in Monday trade, but moves are modest. The USD BBDXY index is down around 0.10%, last near 1287.4, comfortably remaining within recent ranges.

  • Outside of yen, which is near flat, we have most currencies up around 0.1% versus the USD at this stage.
  • EUR/USD has ticked up to 1.0515/20, not seeing much negative downside from Moody's French downgrade. Still we are within recent ranges, Friday highs were at 1.0524.
  • US yields are down a touch, but losses are less than 1bps at this stage, after last week's bias towards higher yields.
  • USD/JPY dipped earlier but is now back to around 153.70/75, slightly weaker in yen terms. Earlier data showed firmer core machine orders, but the resilient capex backdrop is well known now. Preliminary PMIs also improved for Dec, manufacturing is still sub 50.0 though.
  • AUD/USD has ticked up to 0.6370, NZD/USD to 0.5770.
  • New appointments have been made to the RBA monetary policy board, which will also have a governance board from March next year. The appointments are an academic (who specializes in monetary policy) and a former bank executive. These appointments are likely to see policy continuity from the board, without a rapid departure from the current backdrop.  
  • Coming up we have monthly China house prices and activity figures as the main focus point. 
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Aggregate G10 moves are skewed against the USD so far in Monday trade, but moves are modest. The USD BBDXY index is down around 0.10%, last near 1287.4, comfortably remaining within recent ranges.

  • Outside of yen, which is near flat, we have most currencies up around 0.1% versus the USD at this stage.
  • EUR/USD has ticked up to 1.0515/20, not seeing much negative downside from Moody's French downgrade. Still we are within recent ranges, Friday highs were at 1.0524.
  • US yields are down a touch, but losses are less than 1bps at this stage, after last week's bias towards higher yields.
  • USD/JPY dipped earlier but is now back to around 153.70/75, slightly weaker in yen terms. Earlier data showed firmer core machine orders, but the resilient capex backdrop is well known now. Preliminary PMIs also improved for Dec, manufacturing is still sub 50.0 though.
  • AUD/USD has ticked up to 0.6370, NZD/USD to 0.5770.
  • New appointments have been made to the RBA monetary policy board, which will also have a governance board from March next year. The appointments are an academic (who specializes in monetary policy) and a former bank executive. These appointments are likely to see policy continuity from the board, without a rapid departure from the current backdrop.  
  • Coming up we have monthly China house prices and activity figures as the main focus point.