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Risk Appetite Recovers, JPY Dented By Gotobi Flows

FOREX

Recent risk aversion evaporated and the Antipodeans got some reprieve after a poor showing in the first half of the week. BBG trader source cited demand for AUD/USD from exporters and fast money funds, while the kiwi crept higher alongside its cousin from across the Tasman. The Asia-Pac session provided little to rock the boat in the way of headline catalysts.

  • JPY was the main laggard overnight amid speculation that Gotobi flows amplified pressure on the Japanese currency. However, USD/JPY struggled to push through the Y109.00 mark on both swings towards the level. Worth flagging today's expiry of $1.5bn worth of options with strikes at Y109.25-30.
  • The PBOC fixed its USD/CNY mid-point at 6.5282, just 3 pips above sell side estimates. USD/CNH edged higher, extending its recent winning streak. 21st Century Business Herald reported that the PBoC could conduct the annual review of RRRs today or on Apr 6.
  • Coming up today we have U.S. tertiary Q4 GDP and weekly initial jobless claims, while the central bank speaker slate is tightly packed with Fed, ECB, BoE & Riksbank members.
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