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[MARKET ANALYSIS] USD a touch lower as risk-on resumes post-Micron; AUD digests hot jobs data, GBP looks for Chancellor updates

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[MARKET ANALYSIS] USD a touch lower as risk-on resumes post-Micron; AUD digests hot jobs data, GBP looks for Chancellor updates

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  • G10s are mixed but mostly stronger against the Buck with breadth narrow as the Buck rally loses steam and fails to provide a bias to peers.
  • USD benefitted this week from the risk-on mood into Micron earnings, which were released after US markets closed on Wednesday. Micron shares rose almost 18% in extended US trading after an earnings/guidance beat. Given the stellar report from the memory maker, risk-on trade has resumed, with equities (specifically tech–heavy indices) bid. DXY a touch lower on the day given the risk tone, trades at the lower end of its 101.44-101.66 range; now looking to PCE.
  • Antipodeans lacklustre against the Buck despite the heightened sentiment. Aussie digested better-than-expected headline employment change, which failed to spark a meaningful reaction following on from the mixed inflation report in the prior session, with much of the change driven by temporary activity. AUD/USD +0.1% found buyers below 0.69, AUD/NZD +0.1% lifted from just below the 1.22 mark.
  • USD/JPY continues to lack a bias as it hovers around levels not seen since July 2024. BoJ’s Tamura spoke overnight, sticking to the hawkish bias, advocating for tightening “once every few months” to a terminal of 2%. Despite the remarks initially helping the Yen, the move failed to stick, with the pair flat and approaching 162 to the upside.
  • GBP remains focused on the Fiscal/Chancellor situation. Current Chancellor Reeves on the wires this morning, not providing too much new but seemingly teeing herself up to keep the role at no. 11. Prior to this, The Times reported that Miliband has been developing key economic policies for the new government, with particular reference to fiscal implications, a point potentially unwelcome by UK investors given his track record as Energy Secretary. GBP has not taken the skew from Gilts which underperform peers today amid the continued Miliband reporting, GBP/USD +0.1% after bouncing off 1.3150.

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