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Early Risk-Off Moves Unwind

FOREX

A defensive feel took hold across G10 FX space in early Asia-Pac trade, as the news that AstraZeneca halted its phase 3 Covid-19 vaccine trial inspired risk-off flows, amid persistent concerns over issues ranging from Brexit to Sino-U.S. tensions. Early moves have largely unwound since, with AUD/USD recouping neutral levels after a foray below the $0.7200 figure. JPY remains the best G10 performer, albeit by fairly narrow margins.

  • GBP continues to struggle after UK Northern Ireland Secretary admitted that plans to ditch parts of the withdrawal agreement with the EU would violate international law, while the press reported that the government will cap the size of permitted gatherings at 6 people to prevent another spike in Covid-19 cases.
  • KRW trades on a softer footing, owing to yesterday's risk-off moves, even as South Korea reported a lower than expected unemployment rate for August.
  • Chinese inflation data, New Zealand's flash ANZ Business Confidence, Canadian housing starts, BoC MonPol decision and comments from Riksbank's Floden take focus from here.
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