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Rangey After Big Moves

FOREX

Narrow ranges for major FX in the Asia-Pac time zone, a brief dip lower in the greenback was reversed, DXY emerges from the Asia session marginally higher.

  • AUD and NZD both lost some ground, Australian data earlier saw IHS Markit Australia March Services PM rise to 55.5 vs 53.4 in Feb, while Australia ANZ Consumer Confidence fell to 107.7 from 112.3 previously. AUD down around 9 pips. NZD was slightly more resilient, shedding 5 pips, supported by a gain in GDT prices overnight.
  • JPY heads in to Europe slightly weaker, unable to maintain earlier strength. USD/JPY dropped as low as 109.58 before recovering. The pair last up 6 pips but still holding most of yesterday's decline. Japan PM Suga says a snap election before the end of September is a possibility.
  • GBP is higher, GBP/USD gaining around 5 pips after reports that UK will start the rollout of the Moderna COVID-19 vaccine from today.
  • PBOC fixed USD/CNY at 6.5384, 7 pips below sell side estimates. Offshore yuan has weakened but holds most of yesterday's gains. USD/CNH last up 26 pips, recovering after breaking below yesterday's nadir.
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