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G10 FX Leans Risk-Off in Early Monday Trade

FOREX
  • Early trade in G10 FX has been broadly risk-off, with JPY the firmest currency so far, closely followed by USD and EUR.
  • AUD and NZD are drifting, helping push AUD/USD through the Friday lows in early Asia hours and keeping the focus pointed lower for now. 0.7290, the Jul 21 low, marks first support, with softer commodity markets this morning adding further weight to the pair.
  • Focus for the day rests on German IFO data and US new home sales, although these play second fiddle to the litany of risk events from the US in the coming days: namely US earnings season (just under 50% of the S&P500 by market cap are due to report in the coming 5 days), the Fed rate decision on Wednesday (no new dot plots, however) and the ongoing infrastructure legislation negotiations in Washington.
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