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China Positives Support Risk

FOREX

The FX space starts the week with the risk switch flicked to on, with focus on positive weekend headline flow centred around China. The local central bank cut the mortgage rate for first home buyers to 4.40%, while Shanghai announced a partial relaxation of COVID-19 countermeasures, which kept the megacity in straitjacket for weeks.

  • Major FX pairs have traded in a characteristic risk-on fashion, with high-betas posting gains at the expense of safe havens.
  • Regional risk barometer AUD/JPY has extended Friday's gains, testing the round figure of Y90.00. This psychologically significant level has refused to give way so far.
  • China's monthly economic activity indicators provide the main point of note on today's data docket.
  • Comments are due from Fed's Williams, BoJ's Kuroda, ECB's Villeroy, Lane & Panetta, BoE's Bailey, Ramsden, Haskel & Saunders as well as Riksbank's Ingves.
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