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NZD, JPY Underperform In Muted Trade

FOREX

The Asia-Pacific docket lacked tier 1 risk events, while headline flow was relatively limited, keeping volatility in G10 FX space subdued. NZD edged lower after New Zealand's BusinessNZ Manufacturing PMI plunged deep into contraction following the implementation of Covid-19 restrictions in August. NZD/USD tested yesterday's low of $0.7060 but that level provided a formidable layer of support.

  • New Zealand's Manufacturing PMI fell to 40.1 from 62.2, with accompanying commentary noting that "GDP and manufacturing output are expected to fall heavily in Q3," which is something of a reality check in the afterglow of yesterday's very strong Q2 GDP outcome".
  • The yen went offered against most of its G10 peers, with Japan set to observe public holidays next Monday and Thursday.
  • Final EZ CPI and UK retail sales take focus in European hours, with flash U.S. University of Mich. Sentiment coming up later in the day. ECB's Makhlouf will speak at a workshop on inflation.
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