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Hugging Ranges

FOREX

A quiet session expected post-BOC and pre-ECB while GOP Senators are slated to unveil infrastructure framework on Thursday, most pairs hugging a narrow range amid a lack of headlines. Some reports of an Israeli missile attack near Damascus, Syria but these haven't sparked any significant risk off moves.

  • AUD flat, NZD pressured slightly losing around 9 pips to 0.7200. NZ FinMin Robertson announced the decision to double the coverage of a proposed deposit guarantee scheme to NZ$100,000 per depositor/institution. The scheme will take effect in 2023.
  • USD/JPY slightly softer, down around 5 pips. Japanese PM Suga said that the gov't wants to decide on whether to declare a state of emergency in several regions by the end of this week. A piece circulated by Asahi suggested that we can expect the decision on emergency declarations in Tokyo, Kyoto, Hyogo and Osaka on Friday.
  • The yuan is weakened slightly as the greenback recovers some lost ground, USD/CNH up around 10 pips at 6.4908, the PBOC fix is awaited with markets assessing the chances of a sub 6.50 fix after 6.5046 yesterday.
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