Mid Day Update
A bit of a whipsaw over the Aussie GDP data which came in close to expectation, but the delta was well within consensus to support the Aussie. However, the economic data processing algorithms triggered on weak 0.1% increase in household consumption expenditure sending the Aussie toppling This sorry data print was the lowest result since the GFC. While the market has stabilised above the fundamentally key .7575 level, it was an unexpectedly weak reading, and the Aussie may see some downside follow-through when London enters the fray
The Japanese Yen
The Tax Reform euphoria, well what little there was for the dollar, is fading. And while our flow remains tentatively bid via Tokyo margin accounts on a mean reversion trade, there’s very little positive USD energy this morning which may open up a test of 112 in London.
Another low liquidity day, as various idiosyncratic storylines play out.
The USDKRW continues to trade bid on wall street losses in the absence of any local market drivers.
The USDMYR remains positively stable but very little speculative or exporter flow in play today.
The USDINR is opening flat ahead of the RBI rate decision where its widely expected the CB will remain unchanged.
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