FX Update: The Yen has broken lower
FX Update: The Yen has broken lower while the Australian and New Zealand Dollars have lifted moderately higher in otherwise range-restricted trading so far today as market participants wait on the U.S. midterm elections, which carry significance for the Trumpian project. Asian stock markets have mostly lifted after a positive session on Wall Street, which set the scene for Yen softness in accordance with the usual correlative pattern. USD-JPY edged out a one-month high of 113.44, while EUR-JPY has ascended into two-week high altitudes, and AUD-JPY into one-high terrain. EUR-USD has remained in a tight orbit of the 1.1400 level, which approximately marks the midway point of the range that's been seen over the last 10 days or so. AUD-USD lifted to two-session highs above 0.7220. The RBA left policy unchanged as had been widely anticipated, with Governor Lowe's statement signalling a continued on-hold for now policy bias with a view to eventually tighten. Cable has remain buoyant, although below yesterday's two-week high at 1.3071, while GBP-JPY has vaulted to three-week highs.