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Currencies struggled for decisive direction in Asia, heading into the European open the greenback is in positive territory but off best levels as yields recede from the highest since June 2020.
- AUD/USD is top of the G10 pile, recovering early losses after retail sales data which showed a 1.7% decline Y/Y in August compared to an expected drop of 2.5%. NZD has recovered early losses and hovers around neutral levels.
- JPY is weaker, succumbing to USD strength. Japan EconMin Nishimura said the state of emergency could be lifted as soon as October 1, though FinMin Aso said he doubted demand would surge once the SOE was lifted.
- Offshore yuan is flat, Goldman Sachs earlier cut its China 2021 GDP forecast to 7.8% from 8.2%. In geopolitics China released two captive US citizens who had been held since 2018 which could help thaw relations with the US. Elsewhere industrial profits rose 10.1% in August.
- Oil continued its rally as Brent approached the $80/bbl level, CAD was boosted as crude futures extended gains into a sixth session.
- There is a fairly heavy slate of speakers due in the session on Tuesday, these include ECB's Lagarde and MPC's Mann, followed by FOMC Chair Powell and members Evans, Bowman and Bostic.