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Quiet Start, All Eyes On China

FOREX

Little to write home so far as broader headline flow remains subdued ahead of the release of China's monthly economic activity indicators and the PBoC's MLF operation. The data will allow participants to gauge the size of the hit delivered by restrictions imposed in several Chinese provinces in response to the outbreak of Covid-19 Delta variant. USD/CNH has crept higher in early trade, with negative speculation re: latest Biden-Xi phone call doing the rounds.

  • Price action across G10 FX space has been very subdued. The yen outperforms at the margin, while the Antipodeans struggle for topside momentum.
  • Once the Asia-Pac session wraps up, focus will turn to inflation data from the UK and Canada, U.S. Empire M'fing and industrial output as well as comments from ECB's Lane and Schnabel.
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