G10 FX saw CAD, AUD, and EUR jump in succession in what seems to be stop driven moves. USDCAD jumped from 1.1057 to 1.1087 in early Asian trading before settling at 1.1081. AUDUSD then rallied 0.6% to 0.8967 in response to the rise in the NAB confidence index after which it took out stops that pushed it up to a high of 0.9015. At roughly the same time, EURUSD jumped from 1.3647 to a high of 1.3678 before easing to 1.3668. In contrast, USDJPY was sideways at 102.17. EM Asia dollar-pairs traded generally slightly offered in very narrow ranges; the SGD outperformed by appreciating just under 0.2%. USDCNY fixed 14pips lower to 6.1069.
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Credit Suisse