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Mild Risk-On Flows Materialise But NOK & CAD Are Left Behind


Mild risk-on flows have emerged across G10 FX space amid easing concerns over global monetary policy tightening. Recovery in market sentiment may have been aided by an FT report noting that France sees Russian President Putin moving towards de-escalating Ukraine tension, following his bilateral meeting with Emmanuel Macron.

  • The yen has landed at the bottom of the G10 pile, while the Antipodeans lead gains. Nonetheless, CAD and NOK have struggled to find poise, as crude oil prices have slipped.
  • Spot USD/CNH has been rangebound, with the yuan reference rate's deviation from broader expectations back to more normal levels, after yesterday's sizeable upside surprise.
  • U.S. trade balance headlines today's light data docked, while comments are due from ECB's Villeroy & de Cos.

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