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Defensive Flows Materialise

FOREX

A broader defensive feel has driven price action across G10 FX space as Asia-Pac markets have reacted to relatively hawkish FOMC minutes released Wednesday. Meanwhile, participants continue to monitor how the latest Covid-19 developments unfold.

  • The Antipodeans trade on a softer footing as we type, despite the absence of notable headline catalysts out of the Antipodeans. Both AUD/USD and NZD/USD operate below yesterday's lows.
  • Safe haven currencies have the upper hand, with the yen sitting atop the G10 pile. Several media outlets reported that the BoJ might revise up their inflation forecast for FY2022 at this month's monetary policy meeting.
  • Chinese Caixin Services & Composite PMI data headlines the Asia-Pac docket today. Later in the day, focus will move to German factory orders as well as U.S. ISM Services, trade balance & weekly jobless claims. In addition, comments are due from Fed's Bullard & Daly.

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