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Risk-Off Impulse Comes And Goes

FOREX

G10 FX price action was driven by U.S. equity markets, following yesterday's rout at Wall Street. Early losses in e-minis resulted in risk-off flows, but these were unwound later as U.S. equity index futures moved away from their worst levels. USD/JPY and AUD/USD pared losses, but NZD has continued to lag all of its G10 peers despite little in the way of fresh domestic catalysts to weigh on the kiwi.

  • USD/KRW gapped higher at the re-open, finding itself within touching distance from its 50-DMA, which has been intact since Jun 1. Despite that, the rate failed to test the 50-DMA and trimmed gains.
  • USD/CNH wavered, uninspired by the latest news flow re: Sino-U.S. matters and an in-line PBoC fix.
  • Thai markets were closed for the first day of Songkran Festival and won't re-open until Tuesday.
  • U.S. NFP report, German factory orders and Canadian labour market data headline today's data docket. Central bank speaker slate features ECB's Villeroy & Lane as well as BoE's Saunders.
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