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GBP Slips In Quiet Asia-Pac Trade

FOREX

Sterling underperformed its G10 peers in a lacklustre Asia-Pac session as the Times suggested that the UK might have to delay lifting Covid-19 restrictions by a fortnight, following a "downbeat" briefing on the local Covid-19 situation from chief medical officers. Bubbling trade tensions between London and Brussels provided another source of worry. Cable clawed back Monday's losses, with the greenback's buoyance helping the move.

  • USD and CHF were broadly higher, but JPY lagged behind its safe haven peers, as Japan's final Q1 GDP numbers were revised higher, beating consensus forecasts.
  • NOK traded on a softer footing as crude oil slipped, but CAD was unfazed.
  • The PBOC set the central USD/CNY mid-point at CNY6.3909, 6 pips above sell-side estimate. Offshore yuan was happy to hug a narrow range.
  • German ZEW Survey & industrial output, final EZ GDP as well as speeches from BoE's Haldane & BoJ's Amamiya headline the global economic docket today.
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