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Covid Talk Front And Centre

FOREX

Coronavirus concerns dominated at the start to the week. The USD and JPY gained on the back of resultant safe haven demand, but CHF failed to follow suit. USD/JPY slipped into the Tokyo fix, while remaining within the confines of last Friday's range. The DXY inched higher, having a look above the prior trading day's range.

  • The broadening of lockdown measures in Sydney and the extension to Wellington restrictions applied some pressure to the Antipodeans early on, but both currencies shook off their initial weakness. Their commodity-tied peers CAD and NOK traded on a softer footing.
  • The PBOC set the central USD/CNY mid-point at CNY6.4578, virtually in line with sell-side estimate. Spot USD/CNH edged higher, recouping Friday's losses.
  • Sterling caught a light bid, after new Health Sec Javid announced that "to see that we can return to normal as soon and as quickly as possible" will be his "most immediate priority".
  • With the global data docket offering little of note today, focus turns to plenty of speeches from Fed, ECB & BoE policymakers.
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