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CAD & NOK Draw Support From Firmer Oil Prices

FOREX

The yen has conceded some ground in early Tokyo trade, with U.S. e-mini futures pushing higher at the start to the new week. Spot USD/JPY has climbed over the Tokyo fix, with participants bracing themselves for Wednesday's monetary policy announcement from the Federal Reserve.

  • CAD and NOK sit atop the G10 pile, bolstered by another upswing in crude oil futures. WTI & Brent trade ~$0.70 higher apiece as we type.
  • Antipodean currencies have lagged behind, with the two quarterly CPI reports providing the key local risk events this week. Liquidity may be sapped by a holiday in parts of New Zealand, including Wellington.
  • Spot USD/CNH has slid to its worst levels since Dec 8, narrowing in on a cycle low (CNH6.3305) printed that day. The PBOC cut their 14-Day Reverse Repo rate by 10bp as part of the latest round of policy easing.
  • A suite of PMI figures from across the globe will keep hitting the wires today, while the central bank speaker slate is virtually empty.
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