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Holiday Season Limits Activity, Offshore Yuan Knee-Jerks Lower

FOREX

G10 FX crosses hold tight ranges as a number of regional financial centres, including mainland China and Japan, remain closed for public holidays.

  • The kiwi dollar brings up the rear in G10 FX space, even if only by narrow margins. The local jobs report was mixed and failed to provide major surprises, although employment growth ended a general run of upside surprises and previous readings were revised lower.
  • Offshore yuan took a hit, seemingly in reaction to headlines noting that Beijing is shutting over 40 metro stations from today, but has already halved resultant losses. Reminder that there will be no PBOC fixing until tomorrow.
  • All eyes are on the FOMC who will conclude their monetary policy meeting today and are widely expected to tighten policy. Consensus looks for a 50bp rate hike as pressure is mounting on the Fed to contain elevated inflation.
  • Today's data highlights include U.S. ADP employment change, trade balance & ISM Services Index as well as a slew of Services PMIs from across the globe.
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