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ForexLive Asia-Pacific FX news wrap: Early bid for the US dollar

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The
Wall Street Journal had a piece over the weekend from Nick Timiraos,
who has gained a reputation as a Federal Reserve ‘insider’.
Timiraos wrote suggesting higher rates from the Federal Open Market
Committee (FOMC), rates that’ll be held high for longer. Separately
Goldman Sachs published a note raising their forecast for Fed rate
hikes, to 5% by March ‘23.

In
early trade the USD caught a bid, with a few gaps lower for FX
against the dollar. The gaps have been filled by varying extents
across the board.

USD/JPY
has risen above 148.00 again.

There
was plenty of data today, most notably the official PMIs from China
for October. Both the Manufacturing and Non-manufacturing PMI fell
back into contraction during that month, coming in worse than
consensus expected. The FX impact was small, AUD/USD dipped a few
pips but soon returned to where it had been.

In
politics the incumbent Brazilian President has lost.


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