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On The Defensive

FOREX

Defensive flows dominated, lending support to the yen, which comfortably outperformed its peers from the G10 basket. Fresh safe haven demand resulted in USD/JPY sales, which took the rate past the Y113.00 mark and to its lowest point in a month.

  • The Antipodeans went offered across the board, with a BBG trader source flagging the trimming of leveraged long positions in these currencies. AUD/NZD bottomed out at its worst level since Sep 24, before trimming some losses.
  • USD/CNH posted a sudden spike higher, which did not seem timed with any notable headline catalyst. Earlier, the PBOC delivered another softer than expected yuan fixing.
  • German ZEW Survey & U.S. PPI provide the main points of note on the global data docket today. Central bank speaker slate features PBOC Gov Yi, Fed Chair Powell, ECB Pres Lagarde, BoE Gov Bailey and others.
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