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G10 Volatility Subdued, Yuan Goes Offered

FOREX

Risk appetite waned as U.S. e-minis pared earlier gains, but there was no obvious rush to safety. European FX outperform at the margin as we head for the London session, with G10 currency pairs holding tight ranges.

  • Offshore yuan retreated despite Shanghai's reported progress on clearing ports and re-opening schools. The overhang of Premier Li's suggestion that the local economy is in some aspects faring worse than in 2020 loomed large.
  • The BoK raised its key interest rate by 25bp, in line with expectations. Newly installed Governor Rhee vowed to place more focus on inflation. The won showed a muted reaction.
  • U.S. GDP (second reading), pending home sales and weekly jobless claims as well as Canadian retail sales take focus from here. Comments are due from Fed's Brainard as well as ECB's Centeno & de Cos.
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