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G10 FX price action through the Asia-Pac session was tight and driven by gentle fluctuations in risk appetite, inspired primarily by headlines on U.S. fiscal matters. The space kicked off with a defensive feel, amid spiralling Sino-U.S. tensions, lingering coronavirus concerns and questions surrounding the substance & constitutionality of U.S. Pres Trump's executive orders on fiscal support measures. Resultant flows were largely unwound as the POTUS suggested that the Democrats are willing to resume fiscal negotiations and said that the federal gov't could fund weekly Covid-19 jobless benefits in full upon the request of particular state governors. Under the arrangements set up by the order signed by Pres Trump on Saturday, states would have to foot 25% of the bill.
- Participants dumped safe haven currencies as a result, with USD and CHF landing at the bottom of the G10 pile. GBP topped the scoreboard, despite little in the way of local catalysts. NZD slipped in reaction to a deterioration in New Zealand's preliminary ANZ Business Confidence Survey for August, which sent yet another signal that the post-lockdown enthusiasm has already topped out. The release may have limited the Antipodeans, to a degree.
- G10 FX stuck to very tight ranges and liquidity was thinned by market holidays in Japan and Singapore.
- The space ignored China's above-forecast CPI & PPI inflation figures, as food prices were boosted by transportation disruptions caused by floods, while core inflation decelerated to its slowest pace since 2010.
- In a quiet start to the week, focus turns to Swiss unemployment, Norwegian inflation data, Canadian housing starts and comments from Fed's Evans take focus today.