[MARKET ANALYSIS] Antipodeans outperform given the upbeat risk tone in Asia, with the NZD benefiting from the weekend's elections
ORIGINAL · Newsquawk[MARKET ANALYSIS] Antipodeans outperform given the upbeat risk tone in Asia, with the NZD benefiting from the weekend's electionsRead originalHide original
DXY is slightly softer, but trades in a narrow 102.18-102.28 range, as it consolidates following Friday’s upside move given the strong US jobs report. The headline figure beat estimates (165K vs Exp. 65K), while the unemployment rate ticked lower to 4.1%. Market pricing sees a 79% chance of a hike in December. EUR and GBP are modestly firmer, with the former back above 1.1140 while the latter bounces from 1.3350. A light docket in Europe and the UK, as the UK waits for growth figures on Thursday. JPY follows its peers, with USD/JPY at the lower end of its 158.15-158.53 range. The latest MoF intervention data was released, confirming three yen-buying interventions totalling JPY 15.4tln. Antipodeans are the outperformers, supported by the broader risk tone and strength in the precious metals space. Furthermore, the NZD is being helped by the weekend’s elections. PM Luxon's National Party-led coalition is narrowly ahead with 67 of 130 parliamentary seats after 97% of votes had been counted.
The report described a slightly softer dollar, mixed major-currency moves, yen intervention data, and Antipodean outperformance; election seat counts were preliminary and differed by parliament denominator.
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DXY is slightly softer, but trades in a narrow 102.18-102.28 range, as it consolidates following Friday’s upside move given the strong US jobs report. The headline figure beat estimates (165K vs Exp. 65K), while the unemployment rate ticked lower to 4.1%. Market pricing sees a 79% chance of a hike in December. EUR and GBP are modestly firmer, with the former back above 1.1140 while the latter bounces from 1.3350. A light docket in Europe and the UK, as the UK waits for growth figures on Thursday. JPY follows its peers, with USD/JPY at the lower end of its 158.15-158.53 range. The latest MoF intervention data was released, confirming three yen-buying interventions totalling JPY 15.4tln. Antipodeans are the outperformers, supported by the broader risk tone and strength in the precious metals space. Furthermore, the NZD is being helped by the weekend’s elections. PM Luxon's National Party-led coalition is narrowly ahead with 67 of 130 parliamentary seats after 97% of votes had been counted.
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