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High-Betas Gain In Risk-On Trade

FOREX

Improvement in broader risk sentiment (U.S. e-mini futures turned green) and an uptick in crude oil prices supported high-beta FX space at the start to the week. Liquidity was drained by holiday market closures in China, South Korea and New Zealand's Auckland, with a couple of regional financial centres observing shortened trading hours.

  • The AUD firmed ahead of the RBA's monetary policy decision due tomorrow. The Reserve Bank are expected to scrap their QE programme and update their forward guidance re: interest rates.
  • The yen went offered amid reduced demand for safe havens. The fact that Sunday was a Gotobi day may have exacerbated the yen's woes. Risk barometer AUD/JPY briefly showed above the Y81.00 mark.
  • The U.S. dollar index (DXY) lost steam after the Fed's hawkish pivot rattled markets last week. That being said, the extremes of last Friday's range remained intact.
  • Advance EZ GDP, flash German CPI, U.S. MNI Chicago PMI & comments from Fed's Daly take focus from here.
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