SGD: USD/SGD - Consolidates On A 1.29 Handle
The overnight range was 1.2945 - 1.2966, Asia is currently trading around 1.2965. USD/SGD continues to hold above the 1.2900-30 area. The pair has been trying to form a base from which to move higher but it looks like it might continue to face some challenges in the short-term. On the day, it looks like we will continue to consolidate on a 1.29 handle. The 1.2900-30 area remains pivotal and needs to continue to hold if the USD/SGD move higher is to have any chance of succeeding, a sustained break below here could potentially signal a top is in place and the bears would then be back in control. Resistance is now back toward the 1.2985-1.3005 area.
- The USD/SGD Average True Range for the last 10 Trading days: 40 Points
- Data: Retail Sales YoY
Fig 1 : USD/SGD Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
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NZD: Reaction To Unemployment Rate
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%%
JPY: USD/JPY - Stalls Above 154.00 As The Yen Is Bought In The Crosses
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
ASIA: Government Bond Issuance Today
- Bank of Korea to Sell KRW2.5 tn 2-Year Bonds
- Vietnam To Sell VND 8.0Tln 2035 Bonds; (TD2535022)
- Vietnam To Sell VND 3.0Tln 2030 Bonds; (TD2530010)
- Vietnam To Sell VND 1.5Tln 2040 Bonds; (TD2540037)
- Vietnam To Sell VND 0.5Tln 2055 Bonds; (TD2555052)
- Hong Kong to Sell HK$1 Bn 3.17% 2035 Bonds
- Hong Kong to Sell HK$2.25 Bn 2.76% 2028 Bonds
- Bank Indonesia to Sell 94D SUVBI Bills
- Bank Indonesia to Sell 181D SUVBI Bills
- Bank Indonesia to Sell 273D SUVBI Bills
- Bank Indonesia to Sell 367D SUVBI Bills
- Bank Indonesia to Sell 31D SUVBI Bills
- Thailand to Sell THB10bn of 2045 Bonds
- China to Sell CNY20 bn 2075 Bonds
