Antipodeans Under Pressure In Risk-Off Trade

Risk-off tone pervades in early Asia-Pac trade as e-minis trade on a heavier footing in the wake of Wednesday's negative Wall Street session, while fresh headline flow has offered little to assuage the markets. The BBDXY has edged higher as the greenback outperforms all its G10 peers save for the safe-haven yen.

• Spot USD/JPY is testing yesterday's highs, operating in the vicinity of the psychological Y150.00 figure. There has been no change of stance from Japanese officials, with FinMin Suzuki vowing bold action to curb any excessive, speculative moves. The yield on 10-Year JGBs remains above the 0.25% cap, which puts the BoJ in the spotlight.
• The Antipodeans have extended losses over the release of Australian jobs market data, which came in softer than expected, indicating meagre employment growth. The data won't move the needle much for the RBA, with forward-looking indicators already pointing to the potential for a slowing, but still tight labour market.
• Spot USD/CNH printed a fresh cyclical high at CNH7.2790 but reversed gains promptly thereafter, as we await the PBOC yuan fixing.
• Data highlights going forward include U.S. jobless claims, existing home sales & Philly Fed Biz. Survey. The PBOC will set its benchmark Loan Prime Rates, while Fed's Harker, Jefferson, Cook & Bowman, ECB's de Cos & Norges Bank's Bache will speak.