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Asia FX Activity Boosts Volumes Overnight As U.S. CPI Feedthrough Filters In

FOREX

Desks note that broader Asia-Pac FX activity was boosted by U.S. CPI feedthrough into Asia-Pac pairs/NDFs, with G10 volume seemingly a little more muted. The net impact saw interbank turnover running somewhere between 50-60% above the recent norms in Asia-Pac hours, per the same desks.

  • Liquidity support from the PBoC and firmer than expected retail sales data out of China (albeit skewed by base effects) also helped underpin CNH/Asia FX.
  • A bid in regional equity indices/capital inflows were also supportive for the space.
  • The broader BBDXY operates a little above unchanged on the day, after initially extending on Tuesday’s losses. Block sales in the U.S. Tsy futures space are helping from a yield perspective, while weakness in GBP is noted post-UK inflation data.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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