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AUD Retreats as New South Wales Locked Down on Uptick in COVID Cases

FOREX
  • Pretty quiet European start so far, with most currencies trading inside their recent ranges - the 10y yield is extending losses and briefly showed back below the 1.25% mark this morning in an extension of Friday's UoMich Confidence move. Despite this, USD's a touch stronger as it chews through a minority of Friday's losses.
  • AUD is the underperformer so far, following domestic equities lower as markets respond to the NSW state government tightening COVID restrictions and placing the whole state into a strict 1-week lockdown.
  • China data overnight was a general disappointment, with retail sales and IP missing expectations. CNH is little changed, however, with recent pledges of PBoC support possibly lending a hand.
  • No real tier 1 data due today, with US Empire Manufacturing and Canadian existing home sales next up.
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