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USD Up From Lows, A$ Underperforms On China Iron Ore News

FOREX

The USD is away from lows for the session, the BBDXY index last around 1261.50, against lows near 1259. Cross asset signals have mostly supported the USD in the form of higher UST yields and lower regional equities and commodities. Still, outside of the AUD, the rest of the G10 complex is firmer against the USD.

  • JPY strength has been notable for much of the session. USD/JPY sits above session lows sub 137.00, last at 137.30/35, but this is still 0.3% since the open for the yen.
  • AUD/USD has underperformed, likely weighed by lower iron ore prices, after China announced a new state run buyer will launch in 2023 and that it will seek a discount from miners. The active Singapore iron ore contract is off by over 3% (last under $108/tonne). AUD/USD is back to 0.6700, versus highs for the day of 0.6736.
  • NZD/USD is also away from session highs, last around 0.6350/55, but is outperforming the AUD. The AUD/NZD cross was last around 1.0545/50, with lows for day at 1.0541. The pair remains in a downtrend channel.
  • Coming up is UK retail sales, along with a host of PMI print for the UK, EU and US. The Fed's Mester will do a Bloomberg TV interview., while the Fed's Daly is also scheduled to speak.
Energy BulletsCommodities
Energy BulletsCommodities

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