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Australian Dollar softens to near 0.7000 on hawkish Fed signals, RBA rate decision looms
The AUD/USD pair loses momentum to near 0.7010 during the early Asian session on Monday. The US Dollar (USD) strengthens against the Australian Dollar (AUD) on rising US Treasury yields and growing bets on further Federal Reserve (Fed) interest rate hikes.
South Korean Won: Export strength supports KRW – Societe Generale
Societe Generale notes the Korean Won has been one of Asia’s standout performers, with USD/KRW slipping from around 1,390 to 1,360 as local exporters sold Dollars ahead of the Chuseok holiday.
Chinese Yuan: Consolidation with downside risk toward 6.7330 – UOB
UOB’s Quek Ser Leang and Lee Sue Ann describe USD/CNH as consolidating after a move to 6.7200, with momentum slowing in the very near term.
US Treasury yields rise as 30-year bond hits 22-year high
US Treasury yields turned mixed on Friday as the long-end of the curve, the 20s and 30s, posted gains while the short-end and the belly of the yield curve retreated from multi-year high levels. The US 10-year Treasury yield holds firm at 5.20% after peaking at a 19-year high of 5.228%.
South Korean Won: Trade surplus seen widening – ING
ING’s Asia-Pacific research notes that South Korea’s upcoming data should show stronger industrial production and a widening trade surplus, even as export and import growth moderates. Technology and semiconductor exports are expected to underpin the surplus.
United Kingdom CFTC GBP NC Net Positions: £-82.6K vs previous £-58.7K
United Kingdom CFTC GBP NC Net Positions: £-82.6K vs previous £-58.7K
United States CFTC S&P 500 NC Net Positions down to $-133.2K from previous $-100.5K
United States CFTC S&P 500 NC Net Positions down to $-133.2K from previous $-100.5K
Japan CFTC JPY NC Net Positions fell from previous ¥120.4K to ¥72K
Japan CFTC JPY NC Net Positions fell from previous ¥120.4K to ¥72K
Eurozone CFTC EUR NC Net Positions: €-52.3K vs previous €-27K
Eurozone CFTC EUR NC Net Positions: €-52.3K vs previous €-27K
United States CFTC Oil NC Net Positions increased to 141.1K from previous 135.9K
United States CFTC Oil NC Net Positions increased to 141.1K from previous 135.9K
Australia CFTC AUD NC Net Positions down to $-46.8K from previous $-38.9K
Australia CFTC AUD NC Net Positions down to $-46.8K from previous $-38.9K
Chinese Yuan: PBoC keeps yuan broadly stable – Societe Generale
Societe Generale describes a limited impact from President Xi’s US visit, with no new tariff cuts or AI dialogue mechanism agreed as the trade truce was only extended to January.
Fed’s Hammack says policy still isn’t restrictive despite high inflation
Cleveland Federal Reserve (Fed) President Beth Hammack said on Friday the two sides of the Fed's dual mandate are not in conflict. She said that “high inflation complicates economic planning,” and that she doesn’t see current policy as restraining the economy.