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PLN Weakens Amid Quiet NBP

FOREX: Monday's talk surrounding research into a Covid-19 vaccine provided the
initial risk-on impulse, which faded away throughout the Asia-Pac session. Focus
turned to U.S. President Trump's threats to permanently cut off funding to WHO
and source reports pointing to the tightening of NASDAQ listing rules for
Chinese companies. G10 crosses are marginally mixed as we are heading for the
London session, with AUD shedding earlier strength. AUD/JPY showed above the key
Y70.16/19 resistance zone, but wiped out those gains later on. NZD/USD ebbed off
its session highs after news wires carried comments from RBNZ officials. Dep Gov
Bascand said that the RBNZ "will evaluate negative rates alongside other
options" and "could expand [its QE plan] if needed", while Asst Gov Hawkesby
said that the central bank expects NZD to continue to depreciate.
- KRW & MYR both outperformed USD and led gains in Asian EM basket, as they
played catch-up to yesterday's risk rally at the re-open of onshore trading.
- German ZEW Survey, UK labour market report, as well as U.S. housing
starts/building permits headline the data docket today. Fed's Powell, Kashkari &
Rosengren, ECB's Lane & Norges Bank's Olsen will speak.
MNI London Bureau | +44 203-865-3806 |