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Key Support Remains Exposed

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Pullback Extends, But Still Looks Corrective in Nature

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FED Remains in Play Post-NFP/ISM Data

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Greenback Takes Lead Amid Demand For Safety

FOREX

Light risk aversion has taken hold, putting a bid into safer currencies. The greenback outperforms in G10 FX space, as U.S. Tsy yields sit 1.6-3.3bp higher across the curve, with the Japanese yen and Swiss franc lagging just behind. The BBDXY index has added ~0.3% thus far, grinding towards (but not yet testing) yesterday's peak.

  • A stronger than expected PBOC fix briefly applied pressure to USD/CNH, but the pair staged a strong rebound shortly thereafter as USD/CNY rallied from the off. Offshore yuan is now testing the CNH7.1300 level versus the greenback.
  • The Aussie dollar showed a limited reaction to the domestic labour market report. Employment grew faster than forecast, which underpinned a surprise downtick in the unemployment rate, with participation steady versus its revised prior level.
  • Remaining data highlights today include U.S. jobless claims, housing starts, building permits & Philly Fed Survey, as well as final EZ CPI. Comments are due from Fed's Bullard, Bowman, Mester, Jefferson & Kashkari, BoE's Pill & Tenreyro, as well as ECB's Villeroy.
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Light risk aversion has taken hold, putting a bid into safer currencies. The greenback outperforms in G10 FX space, as U.S. Tsy yields sit 1.6-3.3bp higher across the curve, with the Japanese yen and Swiss franc lagging just behind. The BBDXY index has added ~0.3% thus far, grinding towards (but not yet testing) yesterday's peak.

  • A stronger than expected PBOC fix briefly applied pressure to USD/CNH, but the pair staged a strong rebound shortly thereafter as USD/CNY rallied from the off. Offshore yuan is now testing the CNH7.1300 level versus the greenback.
  • The Aussie dollar showed a limited reaction to the domestic labour market report. Employment grew faster than forecast, which underpinned a surprise downtick in the unemployment rate, with participation steady versus its revised prior level.
  • Remaining data highlights today include U.S. jobless claims, housing starts, building permits & Philly Fed Survey, as well as final EZ CPI. Comments are due from Fed's Bullard, Bowman, Mester, Jefferson & Kashkari, BoE's Pill & Tenreyro, as well as ECB's Villeroy.