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Risk Aversion Carries Over Into Asia

FOREX

FX price action in the Asia-Pac session was largely driven by familiar factors, as the region absorbed a risk-off impetus from NY trade. The impact of tighter lockdown measures imposed across Europe & the latest address from Fed Chair Powell remained in play. The Antipodeans lagged the G10 pack as lingering risk aversion coincided with the continued unwinding of RBNZ tightening bets. NZD/USD ground through yesterday's trough to levels not seen since Nov 25 as NZ 5-Year IRS printed fresh multi-month lows.

  • The yen outperformed at the margin amid demand for safe havens. USD/JPY shed a handful of pips ahead of today's expiry of $1.3bn of USD puts with strikes at Y108.00.
  • The PBOC fixed its USD/CNY mid-point at CNY6.5228, 13 pips below sell side estimates. USD/CNH climbed to two-week highs as the greenback edged higher.
  • Focus turns to the Senate testimony from Fed Chair Powell & Tsy Sec Yellen, a flurry of PMI readings from across the world, UK inflation data, U.S. flash durable goods orders and comments from ECB's Lagarde, RBA's Debelle & Bullock, Fed's Barkin, Williams, Daly & Evans.
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