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Safe haven currencies sold off as U.S. e-mini futures reversed their initial losses, with participants assessing familiar themes. Implied USD/JPY volatilities rose across the board, while spot USD/JPY edged higher but stayed within the confines of the prior trading day's range.
- Riskier currencies found some poise, likely aided by firmer crude oil prices, but the kiwi lagged behind. Liquidity in NZD crosses was thinned out by a market holiday in New Zealand.
- The yuan see-sawed within a ~120 pip range as participants assessed China's worsening outbreak of the Delta Covid-19 variant and an upsized liquidity boost from the PBOC. Late-session greenback sales eventually drove USD/CNH lower.
- USD/TRY printed a fresh all-time high before trimming some gains. Geopolitical tensions were the main driver behind lira weakness, as Turkish Pres Erdogan declared 10 foreign ambassadors to Turkey, including those from the U.S., Germany and France, "persona non grata." The rate trades at TRY9.7317 into Europe, up ~1,230 pips on the day.
- German Ifo Survey, regional Fed m'fing indices and comments from ECB's de Cos & Centeno, BoE's Tenreyro, Norges Bank's Bache & Riksbank's Breman will take focus later today.