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Antipodeans Trim Weekly Losses, Yen Lags On Firmer Sentiment

FOREX

The Antipodeans led high-beta FX higher amid a broader pick-up in risk sentiment, with regional equity benchmarks posting gains amid light news and data flow. Some saw U.S. Pres Biden's pledge to double his Covid-19 vaccination target & German Cll'r Merkel's decision to abandon her plan to implement a five-day lockdown over Easter. AUD/USD crossed above the $0.7600 mark and approached its 100-DMA after charting a Doji candlestick yesterday. The Aussia looked through a research note from Westpac, who now expect the RBA to extend its QE programme by a further A$100bn rather than by A$50bn.

  • USD/JPY extended gains after completing a bullish flag pattern. The rate was bought into the Tokyo fix but eased off highs later on, while the yen remained the worst G10 performer.
  • The PBOC fixed its USD/CNY mid-point at CNY6.5376, 8 pips below sell side estimates. USD/CNH extended its pullback from Thursday's high, despite China's tensions with a number of Western countries.
  • Focus turns to U.S. personal income/spending & PCE data, German Ifo survey, Italian sentiment gauges, Swedish retail sales & Norwegian unemployment as well as comments from ECB's Rehn, BoE's Saunders & Tenreyro.
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