FED: US TSY 5Y TIPS AUCTION: HIGH YLD 1.182%; ALLOTMENT 53.51%
Oct-23 17:02
* US TSY 5Y TIPS AUCTION: HIGH YLD 1.182%; ALLOTMENT 53.51% * US TSY 5Y TIPS AUCTION: DEALERS TAKE 1...
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FOREX: NZD Tilts Lower, Overall Tight Ranges for G10 Pairs
Sep-23 17:01
- The USD index has oscillated around the unchanged mark on Tuesday, holding a relatively subdued range between 97.20-97.46. Fed Chair Powell broadly reiterated his remarks from last week’s FOMC press conference, providing little fresh impetus for the greenback.
- EURUSD has been consolidating close to the 1.18 mark following slightly weaker-than-expected French PMI data which was then offset by a stellar reading for the German services release. The trend for the pair remains bullish and the recent pullback is considered corrective. Support to watch is 1.1672. the 50-day EMA.
- The Riksbank provided a moderately dovish surprise, cutting the policy rate to 1.75%. However, the communication that rates should be held at the current level “for some time to come” and the positive session for European stock indices has left the Swedish Krona modestly higher on the day. EURSEK has traded back down to 11.00, while last week’s lows reside closer to 10.90. For USDSEK, cycle lows are around 1.4% from current levels at 9.1936.
- NZD (-0.1%) is a modest underperformer across G10, continuing the recent weakness seen in the aftermath of poor GDP figures last week. Additional uncertainty regarding the new RBNZ governor announcement may be providing an additional headwind. The sharp NZDUSD reversal from 0.6000 to current spot levels renews the focus on a significant pivot point at 0.5800, which coincides with the 50% retracement of the year’s range. Notably, AUDNZD printed a fresh cycle high at 1.1280, continuing the impressive performance for the cross in recent months.
- In emerging markets, the Brazilian real outperformed amid a seemingly more constructive tone between President’s Trump and Lula. Headlines suggest the two leaders will meet next week, bolstering hopes of a more cordial relationship between the two nations. USDBRL sold off to 5.28 on the developments, within close proximity of recent cycle lows.
- Australia August CPI, German IFO and US new home sales data are scheduled Wednesday.
SECURITY: IRAN'S KHAMENEI: WE DON’T HAVE NUCLEAR BOMBS & WON’T HAVE THEM
Sep-23 16:57
- *KHAMENEI: WE HAVE NO INTENTION OF USING NUCLEAR WEAPONS
- *IRAN SUPREME LEADER AYATOLLAH KHAMENEI SPEAKS IN TEHRAN
- Source: bbg
US TSYS/SUPPLY: WI 2Y
Sep-23 16:54
- The 2Y WI slipped to 3.569% from 3.572% earlier ahead of the $69B 2Y Note auction (91282CPB1) at 1300ET, 7.2bp rich to last month's stop (3.641% high yield vs. 3.656% WI).
- Treasury futures hovering off session lows: TUZ5 +.25 at 104-08.75, TYZ5 +1.5 at 112-24.
