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NOK and CAD are turning offered


Unemployment Rate Raises To 4% in June

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A defensive feel crept into G10 FX space in Asia, even as regional equity benchmarks rose on a positive lead from Wall Street. Major crosses unwound some of yesterday's moves, with liquidity thinned out by a market closure in Japan. The yen was the best G10 performer amid renewed demand for safe haven currencies, likely supported by familiar angst surrounding several Covid-19 flare-ups across the globe.

  • NZD, AUD and CAD lost ground, but NOK bucked the trend and held up well, despite weaker crude oil prices.
  • The PBOC fix fell virtually in line with sell-side expectations. USD/CNH ground higher through the session, partly retracing its deepest downswing in eight weeks seen on Wednesday.
  • Sterling went offered as the UK was on a collision course with the EU on the so called Northern Ireland Protocol, in what may generate further bilateral tensions.
  • The ECB will announce their latest monetary policy decision today. Elsewhere, U.S. weekly jobless claims and comments from BoE's Broadbent are set to take focus.