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Mood Music Turns Cautious Aiding Yen

FOREX

Risk-off flows are taking hold in G10 FX space as a negative lead from Europe & U.S. stock markets has created a drag on Asia-Pac equity benchmarks. Resurfacing COVID-19 concerns are providing another headwind for risk after Shanghai expanded its partial lockdown to seven districts, while case tallies edged higher in both Shanghai and Beijing.

  • The yen has regained poise amid broader aversion to take risk, overbought technical conditions in USD/JPY may be supporting its slide. That being said, yesterday's worst levels remain some way off.
  • The Aussie dollar is pacing losses in the G10 basket. AUD/USD trades through yesterday's low, while AUD/NZD extends its pullback from a fresh cycle high printed on Thursday. Retreating AUD/JPY tested the Y95.00 figure but has struggled to make any headway beyond there.
  • Inflation data out of the world's two largest economies headline the economic docket today. Also on tap are flash U.S. Uni. of Mich. Sentiment & Canadian unemployment as well as comments from ECB's Villeroy, Holzmann & Nagel.
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Risk-off flows are taking hold in G10 FX space as a negative lead from Europe & U.S. stock markets has created a drag on Asia-Pac equity benchmarks. Resurfacing COVID-19 concerns are providing another headwind for risk after Shanghai expanded its partial lockdown to seven districts, while case tallies edged higher in both Shanghai and Beijing.

  • The yen has regained poise amid broader aversion to take risk, overbought technical conditions in USD/JPY may be supporting its slide. That being said, yesterday's worst levels remain some way off.
  • The Aussie dollar is pacing losses in the G10 basket. AUD/USD trades through yesterday's low, while AUD/NZD extends its pullback from a fresh cycle high printed on Thursday. Retreating AUD/JPY tested the Y95.00 figure but has struggled to make any headway beyond there.
  • Inflation data out of the world's two largest economies headline the economic docket today. Also on tap are flash U.S. Uni. of Mich. Sentiment & Canadian unemployment as well as comments from ECB's Villeroy, Holzmann & Nagel.