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Mild Risk-On Feel Creeps In

FOREX

Light risk-on flows have dominated largely rangebound price action across G10 FX space this morning. Shanghai extended its run of no COVID-19 cases in the community to four days, while the contraction of Japan's output proved milder than forecast.

  • USD/JPY has unwound its initial uptick, which roughly coincided with the release of Japan's flash Q1 GDP figures. The economy shrank by an annualised 1.0% Q/Q in the three months through end-March, while consensus forecast was looking for a 1.8% contraction.
  • Safe haven currencies trade on a slightly softer footing, with high-betas outperforming as we type, all major crosses stick to rather tight ranges.
  • Australian wage data and Japan's final industrial output will take focus during the remainder of the Asia-Pac session.
  • Inflation data from the EZ, UK and Canada will be published later in the day, on top of U.S. housing starts & building permits.
  • Comments from ECB's Muller and Fed's Harker are also on tap today.
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