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Greenback Softens, Yuan Rallies In Risk-Positive Environment

FOREX

Offshore yuan surged to its best levels since 2018 on the back of expectations of further policy easing out of China and improving global risk environment. Fresh headline flow failed to provide much in the way of notable catalysts in Asia-Pac hours, with familiar risk-on factors taking centre stage as a result.

  • The DXY retreated as the greenback underperformed all of its G10 peers. Cash U.S. Tsy yields fell across the curve amid improving market sentiment.
  • AUD and NOK gained some ground, while NZD and CAD struggled. The Antipodean cross AUD/NZD printed its best levels since Oct 29.
  • The BoC will deliver their monetary policy decision today, while speeches are due from ECB's Lagarde, de Guindos & Schnabel.
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