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Major Crosses Little Changed Pre-Powell

EQUITIES
The greenback unwound most of the brief, limited move lower that was seen in early Asia dealing, while the NZD's early, mild positioning-based outperformance waned.
  • USD/JPY retraced to ~Y106.00, after contacts flagged supply from U.S. based accounts in the early part of the Asia-Pac session.
  • For CAD, the NY/Asia crossover saw BoC Senior Deputy Governor Wilkins note that a policy allowing an inflation overshoot vs. target is one worth considering.
  • Dollar-Asia FX trade was limited. The highlight in that space saw the BoK deliver a decision and round of rhetoric that was largely in line with broader expectations i.e. unchanged, markdowns in GDP growth estimates, flagging limited room re: further rate moves, although noting it could do more on this front or with non-rate measures if deemed necessary.
  • There was little of any real note on the regional Asia-Pac docket today, with focus squarely on Fed Chair Powell's Thursday address.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
CommoditiesEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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