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Light Risk Aversion Manifests In G10 FX Space

FOREX

Light risk-off flows have driven G10 price action in early Asia hours, even as U.S. e-mini contracts have ground higher. Macro headline flow has been thin, but a sense of concern surrounding China's response to U.S. House Speaker Pelosi's Taiwan trip & Thursday's downbeat BoE commentary may have discouraged regional players from taking on more risk.

  • The likes of USD, JPY and CHF have capitalised on demand for safe havens, while the Antipodeans pace losses. All G10 crosses have been happy to stick to fairly tight ranges.
  • The sterling has also come under pressure in the wake of gloomy economic forecasts that accompanied yesterday's BoE monetary policy decision.
  • As a reminder, the RBA will publish its quarterly Statement on Monetary Policy (SoMP) within an hour.
  • U.S. NFP report will steal the limelight later in the day. Its Canadian equivalent as well as German industrial output data and comments from Fed's Barking & BoE's Pill are also due.
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