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Appetite For Risk Erodes

FOREX

Tuesday's risk rally seems to be running its course, with U.S. e-mini futures trading in the red & light defensive flows taking hold in G10 FX space. Early price action does not seem to be linked to any particular headline catalysts.

  • The yen takes the lead as a result, with USD/JPY moving away from its 24-year peak printed on Tuesday, amid renewed demand for safe havens. The Antipodeans are pacing losses as commodity-tied FX space comes under pressure.
  • On the data front, UK & Canadian inflation figures take focus from here. Elsewhere, Fed Chair Powell will deliver his semi-annual monetary policy testimony today. His address provides the highlight of the global central bank speaker slate, which also features Fed's Barkin, Evans & Harker, BoE's Cunliffe & BoC's Rogers.
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