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Overnight Trade Recap

FOREX: G10 FX price action continues to be driven by a flight to safety, as
recent optimism remains reassessed amid signs of a second wave of Covid-19
infections in the U.S. & a wider worry about the economic fallout from the
virus. Safe have FX are well bid, with JPY topping the pile as we type.
Yesterday's low limits losses in USD/JPY, but AUD/JPY has already sank through
Thursday's worst levels and the Y73.00 mark. Commodity-tied FX underperform as
crude has extended its rout. AUD/USD is testing the $0.6800 figure at typing.
- USD/Asia trade on a firmer footing as the region catches up with the broader
risk-off tide. KRW leads losses in the Asia EM basket and USD/KRW managed to
take out its 200-DMA as it gapped higher at the reopen.
- Today's PBoC fix was slightly firmer than expected, came in at CNY7.0865 vs.
BBG estimate of CNY7.0909.
- Final Japanese industrial output, monthly UK GDP & activity indicators, U.S.
U. of Mich. Survey, French CPI & ECB's Wunsch's comments take focus from here.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |