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Greenback Outperforms On U.S. Labour Day

FOREX

The DXY continued to recoup its post-NFP losses in quiet Asia-Pac trade. The greenback was the best performer among major currencies, with U.S. markets shuttered in observance of the Labour Day. The U.S. holiday resulted in subdued market activity, keeping most major currency pairs in tight ranges.

  • The Antipodeans declined amid a worrying Covid-19 situation in Australia, with BBG trader sources reporting as much. Participants have been preparing for the next monetary policy decision from the RBA. Softer oil prices may have provided a further headwind for the Antipodeans, albeit oil-tied CAD and NOK remained rangebound.
  • USD/CNH advanced and the PBOC fix may have aided the move, with the central USD/CNY mid-point set at CNY6.4529, 9 pips above sell-side estimate. Elsewhere, talk of a potential RRR cut by the PBOC was doing the rounds.
  • Looking ahead, German factory orders will be released later today, while BoE's Mann is due to speak.
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