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Commodity FX Lose Ground, Redback Firms On Chinese Trade Data

FOREX

Commodity FX faltered in quiet Asia-Pac trade even as BBG Commodity Index extended gains to fresh multi-year highs, with little in the way of notable headline flow crossing the wires. JPY struggled for momentum despite aversion to high-betas, as Japanese gov't confirmed they will seek the extension & expansion of Covid-19 state of emergency.

  • USD/CNH knee-jerked to a session low as a surge in exports underpinned the much wider than expected Chinese trade surplus. This allowed the pair to extend its earlier losses and print worst levels since late Feb. The PBOC set its central USD/CNY mid-point at CNY6.4678, 27 pips above sell-side estimates, but the redback was unfazed.
  • Sterling outperformed in G10 FX space as polling stations closed after the "Super Thursday" elections. Labour MP McMahon effectively conceded defeat in Hartlepool by-election, where a "red wall" stronghold looked set to turn blue.
  • U.S. NFP report provides takes centre stage today, with German industrial output, Canadian unemployment & comments from Fed's Barkin, ECB's Lagarde, Riksbank's Floden and BoE's Broadbent & Haldane also due.
Energy BulletsCommodities
Energy BulletsCommodities

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