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South Korea's Kepco Opts for Coal to Save Gas


SOFR Fly Mix


Put Pick-Up as Underlying Recedes


‌‌(U2)‌‌ Corrective Cycle Still In Play

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FOREX: An uptick in U.S. equity futures has pressured safe haven FX, even as the
Nikkei 225 has opened on the back foot. JPY underperforms, with USD & CHF
following close behind. GBP & CAD have also struggled for any momentum.
- NZD has taken the lead among G10 currencies, with little in the way of
specific immediate catalysts apparent. Worth noting NZ services PMI accelerated
to 53.6 from 52.0, which comes after BusinessNZ m'fing PMI, released on Friday,
provided particular disappointment.
- AUD is the G10 runner-up, even as Macquerie joined the group of banks revising
their RBA calls and now expect the central bank to trim its cash rate to 0.5% by
the end of 2021. Nonetheless, the Antipodeans' reaction has been muted.
- Worth noting G10 currencies have been quite range-bound.
- Today's economic docket is rather thin and includes U.S. Empire m'fing,
Italian general gov't debt, as well as speeches from ECB Pres Draghi & his ECB
colleague de Cos.

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