Caution Prevails In Asia

JPY led the way in thin Asia-Pac trade, as caution prevailed after Friday's well-documented stock market developments, with Nomura seen issuing a warning against "significant" potential loss from a U.S. name (which BBG sources linked to the unwinding of trades by Archegos). USD/JPY ticked away from multi-month highs registered last Friday, even as the greenback fared well against its other G10 peers.

• The Antipodeans paid little attention to local headlines, with AUD/NZD narrowing in on Mar 23 cycle high. Brisbane was placed under a three-day lockdown to curb the spread of the UK coronavirus variant, while NZ gov't said it will monitor the rental market's reaction to its housing policy package.
• CAD and NOK posted marginal downticks in sync with a dip in crude oil, as Inchcape said the Ever Given was successfully refloated.
• The PBOC fixed its USD/CNY mid-point at CNY6.5416, just 3 pips below sell side estimates. USD/CNH edged higher as geopolitical tensions between China and its Western adversaries continued to simmer.
• Speeches from Fed's Waller & ECB's de Cos headline today's uninspiring economic docket.