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FX trade was relatively quiet in N.Y. on Thursday morning, as the dollar put in another mixed performance, though ended the day slightly underwater overall. A slightly smaller than expected jobless claims outcome helped the dollar marginally early on, though position squaring became evident into the FOMC minutes release. The minutes didn't provide any clear insight into rate hike timing. For most every hawkish indication, there was an offsetting "however." The dollar initially gained after the release, though ultimately slipped to session lows into the close.
Sterling took a nosedive on the release of the BoE MPC minutes to its just-completed October policy meeting, which showed a dovish turn with inflation risks seen remaining off the table for longer than previously envisaged. Cable dropped to the low 1.53s from levels above 1.5350. Elsewhere, the dollar drifter lower against the other majors and dollar-bloc currencies, the latter of which declined concomitantly with a correction in commodity prices. EUR-USD lifted to a peak of 1.1314 before stalling, leaving the Oct-2 high at 1.1318 untested and settling back under the 1.13 handle.
Currency markets have been relatively settled. Japanese machinery orders data unexpectedly dove 5.7% m/m in August data, which weighed on the Nikkei 225 despite raising expectations for the BoJ to expand its QQE program at its meeting on Oct-30. The Japanese stock index closed 0.99% for the worse. Other equity markets in Asia were mixed, with China rallying in a catch-trade following a week-long holiday there. Australia and some other markets also gained, while others followed Japan lower.
The dollar was mixed through the Wednesday N.Y. session, though did mostly firm up in morning trade, as Wall Street started out strong, and yields edged higher. As oil prices fell however, stocks gave back their gains, and the greenback moved lower versus the yen and European major currencies. EUR-USD opened near 1.1275, and made its way to 1.1212. By the London close however, the pairing rallied back to 1.1265. USD-JPY meanwhile, peaked at 120.14 early on, and slipped to 119.75 lows by mid-morning.
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