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CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

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RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Markets in Recovery Mode After Tuesday Risk-Off

FOREX
  • Following Tuesday's sharp bout of risk-off, currency markets are mainly in recovery mode, with the JPY weaker alongside the USD, while the likes of AUD, NOK and NZD are clawing back a small portion of yesterday's losses.
  • AUD/USD remains either side of the $0.75 handle, as much as a point off the best levels of the week, with traders still cautious over the persistent spread of the more transmissible Delta strain of COVID, the efficacy of jabs against the latest wave of infections and global PMI numbers signposting a near-term peak in global GDP growth.
  • US yields are once again lower, with the 10y yield south of 1.35% for the first time since February, although the buy-the-dip approach to equity weakness continues to pervade, as the e-mini S&P narrows in on 4350.
  • Focus turns to the Fed minutes release from their latest rate decision, in which markets saw the FOMC as erring on the hawkish end of market expectations. Ahead of that, Canada's Ivey PMI and US JOLTs job openings are on the docket. Fed's Bostic is also due to speak.
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