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Greenback Marginally Softer In Muted Morning Trade

FOREX

The U.S. dollar has gone offered and is pacing losses in G10 FX space, albeit by fairly narrow margins. Headline flow has been light, U.S. Tsy yields and e-mini contracts oscillate around neutral levels.

  • The yen has demonstrated its usual disregard for domestic data. Activity indicators released this morning were generally better than expected, with industrial production posting a surprise monthly expansion.
  • Spot USD/KRW re-opened on a firmer footing, printing new cyclical highs at KRW1,352.15 as a result, with onshore players digesting the overnight upswing in U.S. Tsy yields.
  • China's official PMI readings headline the regional data docket. Later in the day, focus will turn to flash EZ CPI & German jobless rate, U.S. ADP employment report & MNI Chicago PMI, as well as Canadian GDP.
  • The central bank speaker slate includes Fed's Mester & Bostic and Riksbank's Breman. Dallas Fed will hold an event to introduce its new president.
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