FOREX SUMMARY

FX pair remains steady ahead of ECB.

• USD was initially better offered on the European open, a continuation from the Asian session.
• The Dollar was underperforming against most G10 and EMFX, but we have since faded some of the moves, following better Equity selling this morning, and likely some positioning/squaring ahead of the ECB.
• Broader base EUR was noted all in small, with the currency testing best level of the session versus CAD, AUD, NOK, SEK, CNH, and TRY.
• EUR is up against all major, beside risk tied CHF.
• Malaysia CB kept rate unchanged at 1.75% as expected.
• And little impact in USDMYR
• Malaysian CB noted improvement in the Global Economy, as countries eased lockdown measures.
• And Financial conditions have improved, although risk remains elevated.
• In EMFX, most volatile pair has been the Rand, which saw an initial quick 5 big figure spike from 16.63 to 16.68, following the Current Account miss, coming at -2.4% versus -0.4% expected.
• USDZAR has since continued higher and up 10 big figures, now at 16.78, at the time of typing.