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Supply & Local Data Due


USD/JPY Remains Heavy


Assessing A Narrow Day


Kiwi Recoups Monday's Losses

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Australia's underwhelming Q1 CPI report triggered AUD sales, as consumer prices rose just 1.1% Y/Y, missing expectations of a 1.4% increase, while the key metric of core inflation printed at the weakest level on record. The Aussie remained comfortably the worst performer in G10 FX space, even as AUD crosses edged away from respective lows, with a market contact flagging demand from exporters.

  • The DXY resumed its upward drift as participants prepared for today's monetary policy decision from the FOMC & U.S. Pres Biden's first speech to the Congress.
  • GBP went offered as simmering tensions between London and Brussels have overshadowed the expected ratification of the Brexit deal by MEPs, to be confirmed today.
  • The PBoC set its central USD/CNY mid-point at CNY6.4853, 7 pips below sell-side estimates. USD/CNH briefly showed above yesterday's peak, but then pared the bulk of its earlier gains.
  • FOMC MonPol decision & subsequent presser with Fed Chair Powell provide the main points of note today. ECB speak from Lagarde, Schnabel, Centeno & Rehn as well as flash U.S. wholesale inventories & Canadian retail sales are also due.