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It was a mixed Asia-Pac session for G10 FX, with AUD catching a light bid early on amid chatter that local exporters bought the Aussie after its pullback from a multi-week high. Australian Treasurer Frydenberg is set to unveil the 2021/22 Federal Budget today. NZD diverged from its Antipodean cousin and lagged the rest of the G10 pack.

  • JPY and USD struggled even as U.S. e-minis slipped in Asia, while regional equity benchmarks registered losses in the wake of yesterday's disappointing session on Wall Street. Safe haven peer CHF remained fairly resilient.
  • The PBOC set its central USD/CNY mid-point at 6.4254, 32 pips above sell-side estimates, signalling that it wants to reign in the redback's rally. USD/CNH continued to hover close to its three-year lows, largely looking through China's inflation data.
  • German ZEW Survey & Italian industrial output take focus on the data front. Fed speaker slate is tightly packed, with ECB's Knot & de Cos, BoE's Bailey & Norges Bank's Bache also due to speak. The Queen's Speech will outline UK gov't's legislative priorities.
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