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Light Defensive Flows Emerge

FOREX

Little to write home on G10 FX price action in early Asia-Pac trade, with most major currency pairs happy to hug narrow ranges, as participants continue to assess the fallout from the ongoing war in Ukraine. Scandie FX trade on the back foot by virtue of regional contagion risk.

  • The general mood music has turned slightly more defensive, putting a light bid intosafe haven currencies. The likes of USD, JPY and CHF sit atop the G10 pile.
  • Spot USD/CNH has held a tight range, edging away from session highs after a slightly weaker than expected PBOC fix. China's central bank set the USD/CNY reference rate at CNY6.3016, 19 pips above sell-side estimate.
  • U.S. durable goods orders, factory orders & weekly jobless claims, EZ unemployment & Services PMI readings from across the globe take focus from here.
  • Central bank speaker slate features Fed's Powell, Williams & Barkin, BoC's Macklem, ECB's de Cos & Riksbank's Skingsley. BoJ's Nakagawa speaks in Kyoto as we type.
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