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Riks-Off Flows Dictate Early Sentiment

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The early impetus is for modest USD strength. The BBDXY was last 1283.75, around +0.10% above NY closing levels. Amongst the majors only JPY and CHF are up slightly against the USD so far today, in line with broader risk-off flows evident from a cross asset standpoint.

  • Equity sentiment is being weighed by negative Covid developments out of China. US equity futures are lower at this stage (-0.15-0.25%), while regional equities are down, except for Japan.
  • US yields are down as well, the 2yr off by 2bps to 4.51%.
  • USD/JPY hasn't strayed too far from the 140.30 level, slightly down on NY closing levels from last week.
  • AUD/USD is off by around 0.20%, back under the 0.6660 level. NZD has unwound some early outperformance and is back below 0.6150. Still the skew for the AUD/NZD cross remains to the downside, last printing at 1.0835.
  • EUR/USD is back to 1.0310/15, while GBP is underperforming slightly, back at 1.1860/65.
  • Still to come is the China LPR decision (no change expected), while NZ credit card spending figures print later as well.
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The early impetus is for modest USD strength. The BBDXY was last 1283.75, around +0.10% above NY closing levels. Amongst the majors only JPY and CHF are up slightly against the USD so far today, in line with broader risk-off flows evident from a cross asset standpoint.

  • Equity sentiment is being weighed by negative Covid developments out of China. US equity futures are lower at this stage (-0.15-0.25%), while regional equities are down, except for Japan.
  • US yields are down as well, the 2yr off by 2bps to 4.51%.
  • USD/JPY hasn't strayed too far from the 140.30 level, slightly down on NY closing levels from last week.
  • AUD/USD is off by around 0.20%, back under the 0.6660 level. NZD has unwound some early outperformance and is back below 0.6150. Still the skew for the AUD/NZD cross remains to the downside, last printing at 1.0835.
  • EUR/USD is back to 1.0310/15, while GBP is underperforming slightly, back at 1.1860/65.
  • Still to come is the China LPR decision (no change expected), while NZ credit card spending figures print later as well.