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Yen Goes Bid On Safe Haven Demand

FOREX

Participants remain wary of taking more risk, which is a boon for traditional safe havens. The yen has been in demand, easily topping the G10 pile amid a sharp sell-off in USD/JPY. The rate's short-end implied volatilities have extended yesterday's upswing, with 1-week tenor hitting one-month highs ahead of Thursday's BoJ policy meet.

  • Note that the Nikkei 225 has given away the bulk of its opening gains, while U.S. e-mini futures have slipped, with another traditional safe haven CHF garnering some strength along the JPY.
  • High-beta currencies have faltered amid continued jitters surrounding China's Covid-19 situation, as the city of Baotou locked down, while the authorities widened the scope of Beijing testing drive.
  • Spot USD/CNH has edged higher this morning, but this uptick pales into insignificance when compared to yesterday's price swings. Reminder that the rate trimmed some gains on Monday as the PBOC cut its FX RRR by 1 percentage point, which draws attention to the next yuan fixing.
  • U.S. Conf. Board Consumer Confidence, new home sales & flash durable goods order as well as comments from ECB's de Cos & Villeroy will provide interest going forward.
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