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A very tight Asia session for the major.......>

FOREX
FOREX: A very tight Asia session for the major crosses, NZD the marginal
outperformer, CHF & JPY the marginal underperformers. Headline flow & data
releases have been extremely ltd. Further speculation re: election timing in the
UK continues, as opposition parties look to tie the hands of PM Johnson.
- As mentioned the NZD is the marginal outperformer within G10, but it had to
shake off some issues that were evident in the NY/Asia crossover: 1) Further
uncertainty & delay surrounding Fonterra's latest earnings report 2) ANZ now
looking for deeper RBNZ easing.
- The latest USD/CNY fix was little changed. This week's fixes have been tightly
clustered, with the 5 daily fixes sitting in a 32 pip range vs. a 300+ pip range
across the last 5 USD/CNY closes (the USD/CNY close is the biggest input in the
PBoC's daily fixing mechanism).
- USD/KRW is threatening a close below key support at KRW1,196.50.
- U.S. NFP's and an address from Fed Chair Powell provide the headline risk
events in NY hours. Elsewhere, the latest Canadian labour market report and
German industrial production data will be scrutinised.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsFixed Income NewsForeign Exchange News
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsFixed Income NewsForeign Exchange News

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