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JPY Falters Into Japanese FY-End, G10 FX In Risk-On Mood

FOREX

Optimism surrounding the upcoming fiscal announcement from U.S. Pres Biden and a round of strong official Chinese PMI readings resulted in risk-on flows across G10 FX space. The yen went offered into the final Tokyo fix of the Japanese fiscal year, extending losses thereafter as wider sentiment remained buoyant. Demand for the greenback helped push USD/JPY towards the psychological Y111.00 barrier, but the round figure proved resilient.

  • The usual talk of quarter-/month-end flows lending support to the greenback did the rounds. The DXY extended its recent rally to a fresh five-month high as U.S. Tsy yields firmed ahead of Biden's speech.
  • Commodity-tied currencies & growth proxies benefitted from appetite for riskier assets and sighed with relief as crude oil bounced off yesterday's low. The Aussie led the way, with AUD/USD consolidating above $0.7600 as BBG trader sources flagged morning purchases by Aussie exporters.
  • The PBOC set its central USD/CNY mid-point at CNY6.5713, in line with sell-side estimates. USD/CNH traded sideways, looking through upbeat Chinese data.
  • U.S. MNI Chicago PMI, UK & Canadian GDPs, flash EZ, French & Italian CPIs, German unemployment and comments from ECB's Villeroy, Rehn & Visco take focus from here.
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