By Publishing Editors JPY recovers after fall yesterday, other majors better bid vs USD, Asia mostly risk-off Market Briefs • Boston Fed Collins - More rate cuts ahead for US central bank • Collins – Policy still restrictive but progress to 2% inflation could be uneven • Collins - Too soon for Fed to factor in impact of election on its work • BREAKINGVIEWS – Market’s Trump trades at risk from bond vigilantes • Lutnick’s China ties draw fire after Trump taps him to lead US in trade, tariffs • Japan eyes $141 billion of fiscal spending under new stimulus package - NHK • Japanese buy net Y169.1 bln foreign stocks, Y32.7 bln bills, sell Y966.9 bln bonds Nov 16 wk • Foreigners buy net Y127.6 bln Japanese stocks, Y1.1559 tln JGBs, sell Y1.639 tln bills • New Zealand Treasury likely to cut economic and fiscal forecasts, official says • German tax revenue rose by 8.2% in October, finance ministry says • Bitcoin breaks $96,000 for first time on optimism over Trump crypto plans Looking Ahead - Economic Data (GMT) • 07:00 GB PSNB Ex-Banks GBP12.3 bln f’cast, GBP16.61 bln prev • 07:00 GB PSNCR -GBP20.48 bln prev • 07:45 FR Nov Biz Climate Mfg 95 f'cast, 92 prev; Overall 97 prev • 11:00 GB Nov CBI Trends - Orders -27 prev • 15:00 EZ Nov Consumer Confidence -12.4 f'cast, -12.5 prev Looking Ahead - Events, Other Releases (GMT) • 05:10/05:25 BOJ Ueda, BdF Villeroy speak in Tokyo • 08:30 ECB Cipollone speaks in Frankfurt • 11:45 ECB Buch speaks in Luxembourg • 13:00 ECB Patsalides speaks in Nicosia • 13:45 Riksbank Jansson speaks in Stockholm • 14:00 BoE Mann speaks in London • 15:00 BoS Escriva parliamentary testimony • 15:30 ECB Elderson speaks in Nicosia • 15:30 ECB Lane speaks in Amsterdam • 16:00 ECB Holzmann, Kazimir, Vujcic speak in Vienna • 17:30 SNB Tschudin, Moser speak in Geneva Commentary and Analysis USD/JPY, JPY on back-foot in Asia, reverse of yesterday • USD/JPY and JPY cross on back-feet in Asia, in reverse of action yesterday • USD/JPY from 155.41 to 154.88 EBS, tracking away from 155.86 high overnight • Japanese importer buys provided catalyst for rally yesterday • Japanese exporter sales may have provided catalyst for fall today • Fall despite firmer US rates, Treasury 2s @4.316%, 10s @4.405% • That said, exporters have already done quite a lot for year, little left? • Massive $1.7 bln option expiries between 155.75-85 likely helped cap market • Talk too of massive 140 and 150 1-month USD call holdings • Spot looks to be on hold for now awaiting word from BOJ Gov Ueda later today • Again, no fresh jaw-boning on FX today, MOF conspicuous in its absence • EUR/JPY 163.73 to 163.35 EBS, down hard from 164.71 spike high yesterday • GBP/JPY 196.67 to 195.90, also off after spike up to 197.77 yesterday • AUD/JPY 100.80-101.14, sideways, massive option expiries above below today EUR/USD-Sustains Wednesday's loss - 1.0500 remains vulnerable • +0.05% in a very tight 1.0542-1.0549 Asian EBS range in a quiet session • Nasdaq e-mini -0.5% after Nvidia forecasts - could undermine risk appetite • EZ consumer confidence leads the data schedule - unlikely to impact • Charts - neutral daily momentum studies as 21-day Bollinger bands expand • 10 & 21-day moving averages fall, as the bearish trending setup continues • 1.0718 21 DMA and last week's 1.0728 high are pivotal resistance • Last week's 1.0496 trend low and the 1.0448 2023 low are the first supports • 1.0535 680mln, 1.0540 907mln, and 1.0550 1.447BLN Nov 21 strikes may contain AUD/USD-Mildly bid while traders ponder next move • AUD/USD +0.2%, stays supported on bargain-hunting after Wednesday drop • Underpinned by RBA's hawkish stance, ability to hold above 0.6480-85 support • Scaled back Fed Dec rate cut expectations, geopolitical concerns cap upside • Speech by BOJ Governor Ueda at 0510 GMT in focus Thu, may impact AUD/JPY • RBA Governor Bullock speaks at 0800 GMT but topic not market related • Support 0.6480-85, 0.6440-50, resistance 0.6520-25, 0.6545-50, 0.6565 • Consolidation in
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