Fundamentals vs flows
• Softer USD. A firmer EUR, stronger JPY, & month-end portfolio rebalancing flows exerted a bit of downward pressure on the USD.• AUD & NZD. AUD ticked up & NZD rose despite RBNZ delivering a 50bp cut & indicating more to come. AUD/NZD below model estimates.• Holiday markets. US markets closed for Thanksgiving tonight & only open for a few hours on Friday. Thinner liquidity may generate bursts of intra-day vol. Mixed fortunes across markets over the past 24hrs with the economic data and central bank comments butting up against month-end portfolio rebalancing ahead of the US Thanksgiving holidays. US...