Light Risk-On Flows Emerge

Appetite for riskier currencies returns to G10 FX space in a reversal of sentiment seen in Tuesday's London/NY hours. Most recent headline flow has offered little in the way of fresh catalysts, with a familiar mixture of headwinds to growth still evident, which suggests that early price action is a mere correction of yesterday's moves.

• Safe haven FX have lost their allure, with the yen pacing losses among major currencies. The U.S. dollar gauge (DXY) has eased off yesterday's cycle high but remains within touching distance from there. The Antipodeans outperform at the margin.
• Australian CPI figures headline the thin Asia-Pac data docket today, with flash U.S. wholesale inventories due later in the day. Comments are due from ECB's Lagarde, Lane & Muller as well as BoC's Macklem.