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Mood Music Turns Cautious

FOREX

Risk-off tone has taken hold in G10 FX space after a wobbly start to the Asia-Pac session, with most regional equity benchmarks now in the red. Participants have weighed Wednesday's monetary policy decision from the Fed, who paved way for a March rate hike and reaffirmed their commitment to tackling elevated inflation.

  • The yen has swung from losses into gains, even as USD/JPY printed a one-week high this morning. Renewed demand for safe haven currencies has lent support to the Japanese currency.
  • Commodity-tied FX have been offered, with the NZD struggling to draw any support from a beat in New Zealand's inflation data. The Aussie dollar underperforms, with AUD/USD printing worst levels since Dec 7.
  • The dollar index (DXY) has extended gains to its highest point since Dec 22. Greenback strength has allowed USD/CNH to move further away from its multi-year low printed on Wednesday. The yuan reference rate was set at CNY6.3382 today, 18 pips above sell-side estimate.
  • Today's data docket is rather U.S.-centric and includes local GDP, durable goods orders & jobless claims. Comments are due from ECB's Scicluna.
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