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Free AccessUSD Weakness Persists, AUD & NZD Outperform
USD weakness has continued through today's Asia Pac session, a carryover from sharp weakness through Friday's session. The BBDXY is down a further 0.40%, with the index now sub 1240, its lowest level since early June last year. AUD and NZD have led the gains amid positive risk on signals from the equity space, as US eminis moved through Friday's peak.
- AUD/USD is through 0.6930, now targeting a move back to the 0.7000 handle. Markets have shrugged off weaker iron ore prices (with the authorities warning against speculative behavior), while Nov building approvals were much weaker than expected (-9.0%m/m, versus a flat forecast), but this didn't impact sentiment either.
- NZD/USD has followed closely behind, last near 0.6400, +0.80% higher for the session. A sustained move above this level has been hard to come by in recent months, so will be watched from a technical standpoint.
- USD/JPY is lower, has underperformed broader USD moves. The pair was last at 131.75/80, -0.25% lower for the session. Japan markets were closed today, so this may have impacted liquidity, although yen weakness on crosses is in line with the better equity market tone.
- Looking ahead, upcoming data releases are mostly second tier, so may not shift sentiment much. The Fed's Bostic is due to speak, along with Daly in the US session.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.