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Antipodeans Edge Higher After Biden Calls Xi

FOREX

The White House's statement pointing to a phone call between U.S. President Joe Biden and China's President Xi helped breathe some life into risk appetite in the otherwise quiet Asia-Pac session. The leaders held a "broad, strategic discussion" initiated by President Biden after lower-level talks failed to bring any progress. The news prompted USD/CNH to pierce Thursday's low after an in-line PBOC fix catalysed no material volatility.

  • The Antipodeans ticked higher amid improvement in risk sentiment, albeit both AUD/USD and NZD/USD remained within the confines of yesterday's ranges. Slightly firmer crude oil prices may have provided another tailwind to commodity-tied FX.
  • JPY was the worst G10 performer. USD/JPY crept higher, despite an earlier downtick into the Tokyo fix and broader USD weakness.
  • U.S. PPI and Canadian unemployment take focus on the data front. Central bank speaker slate includes ECB's Lagarde, Villeroy, Elderson & Rehn, the latter of whom will be joined by Fed's Mester.

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