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Antipodeans Sag In Cautious Asia-Pac Trade

FOREX

The week in Asia started on a cautious note, as lingering recession fears and geopolitical backdrop dented sentiment, with U.S. e-mini futures operating in negative territory.

  • The greenback outperformed as U.S. Tsy yields firmed. That said, the U.S. dollar index (BBDXY) pared most of its initial gains.
  • USD/JPY gave away the bulk of its initial gains after the Tokyo fix but managed to stay in positive territory. U.S./Japan 10-year yield spread widened by ~6bp, moving away from one-month narrows touched last Friday.
  • The Antipodeans went offered amid broader aversion to risk. AUD/USD staged a brief foray below the $0.6900 mark before trimming losses. AUD/NZD crept higher in tandem with Australia/New Zealand 2-year swap rate gap.
  • The European FX bloc traded on a slightly firmer footing, with sterling lagging its regional peers.
  • German Ifo Survey will take focus after the data-light Asia session.

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