Asia To End Week On Cautious Note

A sense of caution crept into G10 FX space in Asia after the U.S. Thanksgiving market closure translated into a slow start to the session. Questions surrounding AstraZeneca's Covid-19 vaccine research & the logistics of any future jab continued to temper initial enthusiasm about earlier reports from vaccine trials. Worrying global coronavirus situation & lockdown measures imposed across Europe helped keep risk appetite in check. JPY picked up a bid and outperformed all of its G10 peers, with USD/JPY sliding through the Y104.00 mark.

• The greenback brought up the rear in G10 basket. Outgoing U.S. President Trump said that he will give away power if the Electoral College chooses Joe Biden, bud deflected questions about his presence at Biden's inauguration & potential for running again in 2024.
• AUD held up well despite further escalation in Sino-Australian trade spat and a bearish 50-/100-DMA crossover in AUD/USD.
• USD/CNH recoiled after the release of Chinese industrial profits, even as their growth accelerated to a nine-year high of +28.2% Y/Y. Earlier in the day, the China Securities Journal suggested that the PBoC will not "proactively raise the policy rate for some time to come," although gradual exit from stimulus measures will continue.
• Eyes move to flash French CPI & final French GDP, Swedish GDP & retail sales, Norwegian unemployment & EZ sentiment gauges, as well as comments from ECB's Schnabel & Panetta.