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Risk-Off Start Puts JPY On Top

FOREX
  • Markets are erring cautiously in early Monday trade, with risk proxies hit hard, while haven FX makes furtive gains. This puts JPY and the greenback at the top of the G10 table, while AUD, GBP and SEK are the poorest performers. Risk-off is also evident elsewhere, with equities weak and Treasury yields retracing sharply.
  • Oil prices have taken a considerable leg lower, with Brent and WTI prices off close to 5% apiece as perceived commodities demand slips on concerns over renewed rolling lockdowns across China. Beijing is being watched carefully after reports of a COVID breakout in the city, with markets clearly worried the city will undergo similar measures to Shanghai. The worst case scenario would be a strict lockdown policy in adherence with China's COVID Zero approach, hampering economic growth that is already well below target.
  • For the single currency - a relief rally on the re-election of Macron as French President was short-lived, with EUR/USD's gap higher at the open fading through Asia-Pac trade and well into the European morning. The pair's now put in a near 150 pip range so far today, keeping a number of option expiries in view for today's NY cut - most notably $1.0700(E712mln), $1.0800-03(E521mln) and $1.0825(E502mln).
  • The Monday schedule is light, with few data points to digest and a quiet central bank speaker slate after the FOMC entered their pre-decision media blackout period over the weekend. As such, the highlights Monday include a speech from ECB's Panetta and an appearance from BoC's Macklem.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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