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G10 FX Eye U.S. Fiscal Matters

FOREX

U.S. fiscal chatter has flicked the risk switch to off and then to on again, albeit resultant flows have been very limited and crosses continue to hug tight ranges. The space kicked off in a slightly defensive mode, as U.S. President Trump's executive orders on coronavirus relief measures sparked further uncertainty, amid question marks re: their legality, while the White House & Democrats remained far apart. However, risk appetite recovered as the POTUS signalled the possibility of the federal gov't funding jobless benefits in full and suggested that the Democrats want to resume negotiations. The DXY slipped as e-minis recouped losses, while AUD regained poise. JPY remains slightly firmer, while CHF and NZD trade on a softer footing.

  • Markets in Japan and Singapore are shut for public holidays today, which will limit liquidity across the space.
  • Chinese inflation data, Canadian housing starts, Norwegian CPI and comments from Fed's Evans take focus today.
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