Mild Risk Aversion To End The Week

Oscillations in broader risk sentiment drove G10 price action, with major currency pairs holding tight ranges amid the absence of market-moving headline flow. A dip in U.S. e-mini futures seemed to spill over into the FX space, inspiring the dissipation of earlier modest risk-on tone.

• Oil-tied CAD and NOK are the worst performers in the G10 basket as we type, with crude oil edging lower. GDP joined them near the bottom of the G10 scoreboard amid lingering concerns over the UK's fuel crisis.
• Safe haven currencies are heading toward the London session on a slightly firmer footing. JPY outperformer, with headlines surrounding the shape of PM-in-waiting Kishida's cabinet trickling through.
• Mainland China began its week-long holiday, while markets in Hong Kong were also shut, which limited activity in Asia.
• U.S. personal income/spending & Canadian GDP will take focus on the data front today, along a number of PMI readings from across the globe. Comments are due from Fed's Harker & Mester as well as ECB's Schnabel.