Australian posts largest current account deficit since 2016Australian October building approvals -6.4% vs +4.5% expectedUK BRC shop price index +0.6% y/y vs 1.0% priorNew Zealand Q3 terms of trade Q/Q -2.1% vs +0.5% expectedUS to lower tariffs on South Korean autos to 15% effective Nov 1RBNZ Gov Breman: Key focus is to stay laser focused on core mandateFed’s Powell doesn’t comment on the economy in prepared remarks
Markets:
Gold down $16 to $4216US 10-year yields down 0.8 bps to 4.088%WTI crude up 11 cents to $59.43Nikkei up 0.2%S&P 500 futures flatAUD leads, JPY lags
There was some ebb and flow in Asian trading on Tuesday as USD/JPY perked up to 155.77 at the highs before giving some back. The commentary out of Japan’s MOF highlighted that the BOJ will be setting monetary policy, which was a pushback on intervention chatter.
In terms of economic data, the Australian dollar added some downside risks to tomorrow’s GDP number but that didn’t hurt AUD, which is slightly stronger so far.
Gold was volatile as the failure at new highs in US trading led to a round of profit taking in Asia. Bids at $4200 held the line though and we’ve bounced $20.
This article was written by Adam Button at investinglive.com.