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Yen Outperforms Higher Beta FX As HK/CHina Equities Open Softer

FOREX

Higher beta FX is underperforming as Tuesday Asia Pac dealing unfolds. AUD, NZD and NOK are all off around 0.15-0.20% at this stage.

  • A weaker tone in HK equities is not helping, although the HSI is up from earlier lows (last down 0.40%). China equity equities have opened a little softer.
  • US equity futures sit in negative territory, albeit just. Other regional equity markets are painting a more positive trend.
  • Yen is up slightly, with USD/JPY last near 146.60/65. So yen outperforming the higher beta crosses.
  • AUD/USD is under 0.6780, NZD/USD is back to 0.6220.
  • AUD/JPY is back sub 99.50, while NZD/JPY is is back to 91.20/25, which is still above intra-session lows from Monday (sub 91.00).
  • Australia Q2 GDP partials showed a lwoer net export contribution of +0.2 (0.6 was the consensus), while public demand contributed 0.4ppt to Q2 growth. Q2 GDP prints tomorrow in Australia.
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