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Geopolitical Angst Inspires Risk-Off Start To The Week

FOREX

Geopolitical tensions centring on Russia inspired a sense of caution at the start of the week, as the U.S. warned Moscow of "consequences" if Alexey Navalny dies. Risk-off mood dominated Asia-Pac trade, with little in the way of fresh news flow to alter the broader picture. The yen picked up a bid as a result and outperformed in the G10 basket. USD/JPY fell to its lowest levels since Mar 24, while a BBG trader source flagged AUD/JPY sales amid a slide in e-minis.

  • The Scandies were the worst G10 performers, with EUR also pressured, as focus remained on Russia. NOK was wounded by slightly softer crude oil prices, although CAD was resilient.
  • The PBOC set the central USD/CNY mid-point at CNY6.5233, just shy of sell-side estimate of CNY6.5235. USD/CNY staged a round trip from CNH6.5346.
  • Today's thin economic docket features Canadian housing starts & comments from Riksbank's Breman.
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