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CNH Fades as PBoC Cut RRR

FOREX
  • Haven currencies are modestly offered early Monday, with JPY and CHF underperforming as equities make modest progress from the off. Scandi currencies are at the other end of the table, with NOK and SEK higher against most others in G10.
  • The greenback is mid-table, erasing early modest strength at the NY crossover, prompting the USD Index to fade off an attempt on last Friday's high.
  • China's PBoC cut the reserve requirement ratio for banks by 0.5 percentage points to 11.50% from 12.00%, with the change effective from December 15th and releasing around CNY 1.2trl in liquidity. While the moves weren't a complete surprise, the timing was slightly more aggressive than expected, putting the CNH under pressure and providing some support for equity futures.
  • Data releases are few and far between Monday, with the speaker slate more muted given the typical Fed media blackout pre-policy decision. Market focus turns to a speech from BoE's Broadbent, who addresses the outlook for growth and monetary policy.
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