ForexLive Asia-Pacific FX news wrap: AUD and NZD round-trips during the session

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The
Australian and New Zealand dollars rallied early against the USD,
reaching highs towards 0.6630 and above 0.6190 respectively. As I
update both have given back all their gains that left each barely changed on the
session (NZD/USD is up a few tics net).
</p><p>It’s
a similar pattern for EUR/USD and GBP/USD.
</p><p>USD/JPY
dropped back under 148.00 but as I update its circa 148.10 again.
From Japan today came strong Q3 corporate capex, sales and profits
data. The manufacturing PMI, though, slipped deeper into contraction.
As did the Australian manufacturing PMI. The surprise came from
China. Yesterday we had worrying misses for the official PMIs, with
manufacturing also slipping deeper into contraction. That story
flipped today with the privately surveyed Caixin Manufacturing PMI
for November comprehensively beating estimates to bounce back into
expansion at 50.7.</p><ul><li>the
new
order index hit
its highest for the second half of 2023</li><li>more
concerning, overseas
demand continued to fall
deeper into the contraction
zone</li></ul><p>Back
to Japan and the Japanese Trade Union Confederation (JTUC, more
commonly known as Rengo) says it agreed to demand a 5% or more wage
hike in pay negotiations with employers coming up in March 2024, the
"spring labor offensive" or "shunto" in Japanese.</p>

This article was written by Eamonn Sheridan at www.forexlive.com.