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Mixed Asian session, fx market prepares for the Trump speech

Yesterday moves on European and US main equity indices were relatively small and without a clear trend, and the same can be said about the Asian trading. Hang Seng Composite  gained 0.57% today, but Shanghai Composite lost almost 0.8%. The Japanese index (JAP225 on xStation) welcomed the tiny yen losses against the USD with a 0.33% rise.

As for the foreign exchange market it seems that a speech by the US president-elect Donald Trump today at 6pm GMT is keeping the US dollar again quite stable.

The JGB auction of the super-long papers sent its yields higher, but the most closely watched 10y paper did not follow.

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 Japanese yield curve - pink line is the 30y yield, 10y in white - its stability helps to stabilize the yensource: Bloomberg

Antipodean currencies are showing gains of 01.25% for AUD and 0.15% for NZD after the labor market data released overnight. NZ job ads count went the highest in terms of YoY growth since 2011, while another positive reading of QoQ growth of Australian vacancies can to some extent ease worries about the labour market (this won’t however tell much about the full-time/part-time jobs issue which is now key ,and it only covers the Sep-Nov period). Industrial commodities are sticking to the positive trend which also prevents any AUD losses we expect to see.

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 Australian vacancies seem to grow at a slightly lower pace than in 2015 now; source: Bloomberg



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