[MARKET ANALYSIS] Antipodeans outperform given the upbeat risk tone in Asia, with the NZD benefiting from the weekend's elections

DXY is slightly softer, but trades in a narrow 102.18-102.28 range, as it consolidates following Friday’s upside move given the strong US jobs report. The headline figure beat estimates (165K vs Exp. 65K), while the unemployment rate ticked lower to 4.1%. Market pricing sees a 79% chance of a hike in December.
EUR and GBP are modestly firmer, with the former back above 1.1140 while the latter bounces from 1.3350. A light docket in Europe and the UK, as the UK waits for growth figures on Thursday.
JPY follows its peers, with USD/JPY at the lower end of its 158.15-158.53 range. The latest MoF intervention data was released, confirming three yen-buying interventions totalling JPY 15.4tln.
Antipodeans are the outperformers, supported by the broader risk tone and strength in the precious metals space. Furthermore, the NZD is being helped by the weekend’s elections. PM Luxon's National Party-led coalition is narrowly ahead with 67 of 130 parliamentary seats after 97% of votes had been counted.

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Iranian President Pezeshkian says the Supreme Leader has granted the government some authority on dialogue, ISNA reports.

EUR/USD+0.1%

ECB policymakers see a December rate hike followed by a pause; New ECB staff estimates show the rise in bond yields cutting growth by a cumulative 100bps and inflation by 90bps in 2027-28 vs the September baseline, according to reports, citing sources.

EUR/USD−0.1%

ECB President Lagarde (Q&A) says policymakers believe they are in a good position to wait for incoming information. The situation they are in could have warranted a hike.

EUR/USD+0.1%

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[MARKET ANALYSIS] Antipodeans outperform given the upbeat risk tone in Asia, with the NZD benefiting from the weekend's elections

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