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Greenback Clawing Back Small Segment of Friday Losses

FOREX
  • Currency markets have been relatively quiet so far Monday, with most currencies trading inside their recent ranges - the 10y yield came under pressure early doors, extending losses back below the 1.25% mark in an extension of Friday's UMich-inspired move. Despite this, USD's a touch stronger as it chews through a minority of Friday's losses.
  • AUD is the underperformer so far, following domestic equities lower as markets respond to the NSW state government tightening COVID restrictions and placing the whole state into a strict 1-week lockdown.
  • China data overnight was a general disappointment, with retail sales and IP missing expectations. CNH is little changed, however, with recent pledges of PBoC support possibly lending a hand. Nonetheless, the poor China data has fuelled JPY gains, putting USD/JPY back below the Y109.50 mark.
  • Data releases and central bank speakers are few and far between Monday, with US Empire Manufacturing and Canadian existing home sales the sole releases.
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