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CAD & NOK Edge Higher With Crude Oil, G10 FX Pairs Hold Tight Ranges

FOREX

G10 FX space struggles for a uniform direction, with USD/JPY back from session highs at Y135.59, as it had a brief look above yesterday's best levels. The spot rate now trades near neutral levels, while its 1-month risk reversal is taking a breather after five consecutive days of losses.

  • CAD and NOK outperform at the margin, as crude oil prices have edged higher, but Antipodean currencies have failed to find poise.
  • Spot USD/CNH has added ~40 pips thus far as participants await the re-opening of onshore Chinese markets, after PBOC Gov Yi vowed continuation of supportive monetary policy to ensure "economic recovery in aggregate sense."
  • Fresh headline flow has offered little to give the space any definite direction, keeping major currency pairs in tight ranges.
  • Today's data highlights include U.S. Conf. Board Consumer Confidence & flash wholesale inventories. Multiple ECB policymakers will speak at the Forum on Central Banking in Sintra. Also due are comments from Fed's Daly & Riksbank's Skingsley.

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