The US Dollar retraced downward in overnight trade having outperformed against most of its major counterparts yesterday. That move seemed to be inspired by hawkish comments from Fed Chair Janet Yellen that put the spotlight back on the steepening in the projected 2017 rate hike path in recent weeks.
It was the Australian Dollar that underperformed however, losing aground against the entire G10 FX spectrum. The move tracked a drop in front-end bond yields, suggesting a shift in RBA policy bets toward the dovish side of the spectrum drove the selloff. A singular spark for the move was not readily apparent.
Looking ahead, a quiet economic data docket in European and US hours leaves markets somewhat rudderless. This coupled with thinning pre-holiday liquidity conditions may make for lackluster activity. As noted in our weekly forecast however, the lull may give way to market-wide reversals ahead of the year-end.
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Asia Session
|
GMT |
CCY |
EVENT |
ACT |
EXP |
PREV |
|
21:45 |
NZD |
Net Migration SA (NOV) |
6220 |
– |
6230 |
|
21:45 |
NZD |
Trade Balance (NZ$) (NOV) |
-705m |
-500m |
-815m |
|
21:45 |
NZD |
Exports (NZ$) (NOV) |
3.86b |
4.00b |
3.91b |
|
21:45 |
NZD |
Imports (NZ$) (NOV) |
4.56b |
4.50b |
4.72b |
|
21:45 |
NZD |
Trade Balance 12 Mth YTD (NZ$) (NOV) |
-3175m |
-2951m |
-3266m |
|
23:30 |
AUD |
Westpac Leading Index (MoM) (NOV) |
0.0% |
– |
0.1% |
|
0:00 |
AUD |
Skilled Vacancies (MoM) (NOV) |
0.0% |
– |
-0.3% |
|
2:00 |
NZD |
Credit Card Spending (MoM) (NOV) |
-4.2% |
– |
3.0% |
|
2:00 |
NZD |
Credit Card Spending (YoY) (NOV) |
4.1% |
– |
10.1% |
|
4:30 |
JPY |
All Industry Activity Index (MoM) (OCT) |
0.2% |
0.1% |
0.2% |
|
5:00 |
JPY |
Supermarket Sales (YoY) (NOV) |
0.8% |
– |
0.6% |
