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Risk aversion has influenced Asia trade on Monday in a continuation of themes from Friday. USD caught a bid early on following WSJ reports suggesting that Yellen is expected "to affirm the U.S.'s commitment to market-determined exchange rates when she testifies on Capitol Hill Tuesday, and she will make clear the U.S. doesn't seek a weaker dollar for competitive advantage."
- CAD came under some pressure after reports that US President Elect Biden would rescind presidential permission for the Keystone XL pipeline.
- AUD & NZD under pressure early in Asia on general risk off sentiment and weaker commodity prices.
- USD/JPY started the week a handful of pips lower before trimming losses and last sits at Y103.84, virtually unchanged on the day. Participants await this week's BoJ MonPol decision, while the local press highlighted political headwinds for PM Suga.
- EUR and GBP are both coming under pressure as USD rises, EUR seems to be winning the battle up some 27 pips on the session at 0.8892.
- The PBOC fixed USD/CNY at 6.4845, around 212 pips higher than the previous fix on USD strength.
- Looking ahead, there is a data dump from China today featuring GDP, Industrial Production and Retail Sales; the data docket otherwise is fairly thin with US markets on holiday for Martin Luther King day.