SGD: USD/SGD - Consolidates On A 1.29 Handle

NZD/USD went into the data print around 0.5650(-1.0%) and the NZX50 around 13585(-0.15%). “NZ 3Q JOBLESS RATE 5.3%; EST. 5.3%, NZ 3Q EMPLOYMENT FALLS 0.6% Y/Y; EST. -0.2%”- BBG. The NZD has traded a few spreads lower on this data.

• NZDUSD - 0.5645, -1.00%
• AUD/NZD - 1.1490, +0.25%
• NZD/JPY - 86.75, - 1.40%
• NZX50 - 13595, -0.10%%

The overnight range was 153.32 - 153.76, Asia is currently trading around 153.65. The pair has pulled back from the 154/155 area as the Yen gets bought heavily in the crosses on the back of the pullback in risk. While this backdrop plays out I suspect the resistance around the 154/155 area should continue to offer solid resistance. Look for dips to continue to be supported while above 149-150, first support is toward the 151.50/152.00 area and then the more important 149.00-150.00 level.

• MNI BoJ Review-Oct 2025: Focus On Dec Vs Jan Hike Risks: The BoJ held rates steady, as expected, at the end Oct policy meeting. Focus remains on hike risks at the Dec or Jan meetings, with no clear consensus on when the central bank will tighten rates further. Our bias rests with a Jan move, as the central bank seeks more information, particularly on wages, before deciding to act again. Still, a Dec move can't be ruled out. The Q4 Tankan report (out a few days before the Dec meeting) will be closely watched. Market pricing doesn't have a hike priced in until further into 2026.
• MNI POLICY: Ueda Dec 1 Speech Crucial For BOJ Hike Timing. It will be crucial for determining the probability of a rate hike at the Dec 18-19 policy-setting meeting, with a bullish economic and price assessment indicating that Bank executives see a chance of reducing the degree of easy policy at the year’s final meeting, MNI understands.
• Options : Close significant option expiries for NY cut, based on DTCC data: 150.65($450m). Upcoming Close Strikes : 155.00($1.81b Nov 6), 155.35($1.38b Nov 6) - BBG.
• Data/Event : Monetary Base

Fig 1 : USD/JPY Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

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