JPY On Defensive, EUR/USD Back Towards $1.0900

G10 FX ranges were very contained overnight.

• The BBDXY is little changed through the London handover, after a modest look through Friday’s high in Asia.
• A downtick in German FI futures puts EUR/USD back towards Friday’s high/$1.0900.
• Chinese data and an Asia-Pac equity uptick limited any selling in AUD & NZD.
• JPY underperforms all G10 peers, with the announcement of JGB purchases weighing. That outweighed hawkish weekend BoJ sources pointing towards a hike to the 0.0-0.1% range on Tuesday.
• Conversely, NOK outperforms all peers, with oil edging higher in Asia, although crude sticks to last week’s range. Domestic GDP data had no impact on the NOK.
• Firmer Asia-Pac equities probably helped NOK sentiment overnight.
• Final Eurozone CPI readings headline the European calendar today.
• Lower tier U.S. data is due, with no meaningful central bank speak scheduled.
• The BoJ (hike expected) and RBA (no change expected) will get this week’s packed central bank decision schedule underway in Asia-Pac hours on Tuesday.